Answer:
Medlock will receive $2,940
Explanation:
Credit terms of 2/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.
According to given data
Sales = $3,000
As the payment is made within discount period, so discount will be availed
Discount = $3,000 x 2% = $60
Now deduct the discount from due balance to calculate the amount received.
Amount Received = $3,000 - $60 = $2,940
