Best Sounds is a wholesale business that sells musical

instruments #6104
Best Sounds is a wholesale business that sells musical instruments. Transactions involving
sales and cash receipts for the firm during April 2013 follow. The firm sells its merchandise for
cash and on open account. During April, Best Sounds engaged in the following
transactions:DATE TRANSACTIONS2013April 1 Sold merchandise for $3,500 to Alto Music
Center; issued Invoice 3912 with terms of 2/10, n/30.3 Received a check for $1,470 from Music
Supply Store in payment of Invoice 2718 of March 25 ($1,500], less cash discount [$303.5 Sold
merchandise totaling $1,475 in cash to a new customer who has not yet established credit.7
Merchandise of $75 sold on April 5 is returned for a cash refund.8 Sold merchandise for $5,500
to Music Warehouse, issued Invoice 3913 with terms of 2/10, n/30.10 Received payment from
Alto Music Center in payment of Invoice 3912, less cash discount.15 Accepted a return of
damaged merchandise from Music Warehouse; issued Credit Memorandum 105 for $1,800.
The original sale was made on Invoice 3913 on April 8.17 Received payment from Music
Warehouse for the sale of April 8, less the return on April 15; Music Warehouse deducted the
appropriate cash discount from their payment.19 Received a check for $1,800 as payment in full
from Oldies Sounds for Invoice 3850 dated March 20.20 Sold merchandise for $10,200 to Hawk
Music Center; issued Invoice 3914 with terms of 2/10, n/30.25 Sold merchandise for $9,800 to
Modern Sounds; issued Invoice 3915 with terms of 2/10, n/30.26 Sold merchandise for $7,600
to Country Tunes; issued Invoice 3916 with terms of 2/10, n/30.27 Accepted a return of
damaged merchandise from Modern Sounds; issued Credit Memorandum 106 for $400. The
original sale was made on Invoice 3915 on April 25.29 Received payment from Hawk Music
Center for the sale of April 20, less cash discount.30 Sold merchandise for $2,200 to Oldies
Sounds; issued Invoice 3917 with terms of 2/10, n/30.INSTRUCTIONSRecord the transactions
in a general journal. Use 11 as the page number.Analyze:What was the amount of the cash
discount taken by Hawk Music Center on April 29?View Solution:
Best Sounds is a wholesale business that sells musical instruments

ANSWER
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