Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms Returns and Allowances (Invoice Amount) a. $6,400 $600 FOB destination, 1/10, n/30 $1,800 b. 4,250 300 FOB shipping point, 2/10, n/30 1,100 a. $fill in the blank 1 b. $fill in the blank 2
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms Returns and Allowances (Invoice Amount) a. $6,400 $600 FOB destination, 1/10, n/30 $1,800 b. 4,250 300 FOB shipping point, 2/10, n/30 1,100 a. $fill in the blank 1 b. $fill in the blank 2
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.7E: Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of...
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Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.
Merchandise (Invoice Amount) |
Freight Paid by Seller |
Freight Terms | Returns and Allowances (Invoice Amount) |
|||||
a. | $6,400 | $600 | FOB destination, 1/10, n/30 | $1,800 | ||||
b. | 4,250 | 300 | FOB shipping point, 2/10, n/30 | 1,100 |
a. | $fill in the blank 1 |
b. | $fill in the blank 2 |
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