Short Description: Computation of total cash received from the selling of merchandise.
First company sold merchandise on credit to second company for $1,000 on July 1, with terms of 2/10, net/30. On July 6, second returned $200 worth of merchandise claiming the materials was defective. On July 8, first received a payment from second and credited Accounts receivable for $450. On July 24, second company paid remaining balance on their account. What was the total cash received from second during July?