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Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions?

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Answer:

The amount of sales from the above transactions is $24,990

Explanation:

The computation of the total amount of sales after applying discount is shown below:

Net sales = Sales - discount

where,

discount = sales × discount rate

              = $25,500 × 2%

              = $510

And, the sales is $25,500

Now put these values to the above formula  

So, the value would equal to

= $25,500 - $510

= $24,990

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