A sales invoice included the following information: merchandise price, $8,900; terms 1/10, n/eom; FOB shipping point with prepaid freight of $304 added to the invoice. Assuming that a credit for merchandise returned of $1,800 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a. $8,900 b. $1,800 c. $9,112 d. $7,333
A sales invoice included the following information: merchandise price, $8,900; terms 1/10, n/eom; FOB shipping point with prepaid freight of $304 added to the invoice. Assuming that a credit for merchandise returned of $1,800 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a. $8,900 b. $1,800 c. $9,112 d. $7,333
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PB
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