To complete transactions with the bank, electronic funds transfer (EFT) systems use
a. a computer.
b. checks.
c. currency.
d. drafts or money orders.
Question 2
Abbey Co sold merchandise to Gomez Co on account, 35,000, terms 2/15, net 45 . The cost of the merchandise sold is 24,500 . Abbey Co issued a credit memo for 3,600 for merchandise returned that originally cost 1,700 . Gomez Co paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co on the above transactions?
a. 10,500
b. 30,772
c. 7,972
d. 31,400
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