On March 6, 2013, Cobb's Imports purchased merchandise from Games Inc. with a list price of $19,000, terms 2y10, ny45. On March 10, Cobb's returned merchandise to Games Inc. for credit. The list price of the returned merchandise was $8,500. Cobb's paid cash to settle the accounts payable on March 15, 2013.
Required:
a. What is the amount of the check that Cobb's must write to Games Inc. on March 15?
b. Record the events in a horizontal statements model like the following one.
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c. How much would Cobb's pay for the merchandise purchased if the payment is not made until March 20, 2013?
d. Record the payment of the merchandise in Requirement c in a horizontal statements model like the one shown above.
e. Why would Games Inc. sell merchandise with the terms 2y10, ny45?