SALES DISCOUNTS
Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions:
a. Spartan sold merchandise with a list price of $37,000.
b. Spartan sold merchandise with a list price of $52,000.
c. Grieder paid for the purchase in transaction a within the discount period.
d. Grieder paid for the purchase in transaction b after the discount period.
SALES DISCOUNTS