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Question 2Question textA business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:Select one:a. $200. Correct. Purchase discounts are based on invoice prices less purchase returns and allowances, if any.b. $240. c. $3,600. d. $1,000. e. $1,200.
FeedbackThe correct answer is: $200.Question 3Question textOn a sales invoice, "2/10, n/30" meansQuestion 4Question textThe major differences between unclassified and classified income statements are
Question 5CorrectQuestion textGross margin percentage is calculated by