Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. MerchandiseTransportation Paid by SellerTransportation TermsReturns and Allowances(a)$9,400$366FOB Shipping Point, 1/10, net 30$900(b)$9,300$77FOB Destination, 2/10, net 45$2,000a. $fill in the blank 1b. $fill in the blank 2

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Answered: a. $fill in the blank 1 b. $fill in…

Business

Accounting

a. $fill in the blank 1 b. $fill in the blank 2

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16MC: A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged...

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Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.

	Merchandise	Transportation Paid by Seller	Transportation Terms	Returns and Allowances
(a)	$9,400	$366	FOB Shipping Point, 1/10, net 30	$900
(b)	$9,300	$77	FOB Destination, 2/10, net 45	$2,000

a.	$fill in the blank 1
b.	$fill in the blank 2

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