Freight Terms 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. Merchandise $36,000 Freight Paid by Seller $800 Freight Terms FOB destination, 1/10, n/30 Returns and Allowances $4,000

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Transactions for buyer and sellerShore Co. sold merchandise to Blue Star Co. on account, $112,000,…

A: The journal entries are required to record the financial transaction in the books of account. It is…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Cost of merchandise sold can be defined as the direct cost of producing the products or services. It…

Q: aymen period of 10 days Determine the amount to be paid in full settlement of each of the following…

A: Under FOB shipping terms, the freight charges are to be paid by the buyer.

Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…

A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36

Q: On April 5, 2020 Company A sell merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB…

A: Under FOB shipping point, the freight charges are paid by the buyer.

Q: The debits and credits from four related transactions, (1) through (4), are presented in the…

A: FOB Shipping Point – Purchaser is responsible for paying the shipping charges.They are usually…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: a Amount to be paid in full settlement =  $22,080  = ($24,000 - $2,000) x (100%- 1%) + $300

Q: freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: IF the term is FOB shipping point then freight is added to the total cost but if the term is FOB…

Q: Journal entries of the following question 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…

A: Introduction: Purchase discount: Goods are purchased on credit. If payment is made within discount…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: FOB Shipping point means Free on Board Shipping point. It means buyer is responsible for the goods…

Q: Purchase-related transactionsThe debits and credits from four related transactions, (1) through (4),…

A: a. To determine  Purchases is an activity of acquiring the merchandise inventory of a business. To…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Determination of Amount to be paid in full settlement is as follows: Answer a)

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the…

Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…

A:

Q: MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIOn: 1)Merchandise acquired cost is…

A: Journal Entries are primary records maintained by the entity in the books of account, on the…

Q: For the following purchases of merchandise, determine the amount of cash to be paid: Total Invoice…

A: No. Date Cash Paid Calculation  a Jun-01 410   b Jun-12 811.80 (960-140)*(1-0.01) c Jun-14…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: Freight: Freight is the shipping cost that a buyer pays for the merchandise purchased. It is a…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: FOB DESTINATION POINT means the seller is liable to deliver goods at the destination point of the…

Q: urchased merchandise from Thompson Company for $7,200 under credit terms of 1/15, n/30, FOB shipping…

A: SOLUTION- JOURNAL ENTRY IS THE ACT OF KEEPING OR MAKING RECORDS OF ANY TRANSACTIONS EITHER ECONOMIC…

Q: entered into the following transactions: Terms: FOB shipping point; 3/10, n/30. Paid freight charges…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: FOB Shipping Point : This means the seller sends the inventory free on board.  The buyer bears the…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

Q: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $112,000,…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Purchase-Related Transactions The debits and credits from four related transactions, (1) through…

A: FOB Shipping Point – Purchaser is responsible for paying the shipping charges.They are usually…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: (a)

Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…

A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Amount finally to be paid on settlement = Value of merchandise + Freight paid by seller - credit for…

Q: c. Shipping terms are F.O.B. shipping point, freight prepaid. Ilano paid the shipping costs on June…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: FDN Trading recorded the following events involving a recent purchase of merchandise: Received…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10, n/30, FOB destination.…

A: Freight cost: Freight cost is the fee paid to a carrier company for transporting goods from their…

Q: reight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: a. Computation is represented as below: Hence, the amount to be paid in full settlement is $75,250.…

Q: FDN Trading recorded the following events involving a recent purchase merchandise: Received goods…

A: Solution: Net cost of purchases is cost of goods purchased reduced by return and discounts and…

Q: Freight termsDetermine the amount to be paid in full settlement of each of two invoices, (a) and…

A: The seller's title and liability for the products pass to the buyer when the products are loaded…

Q: Merchandise is purchased for $3,300 on September 2 subject to terms of 2/10, n/30, FOB destination.…

A: Cost of goods sold: It refers to the overall cost incurred by a company for the production of the…

Q: Sales Transactions Journalize the following merchandise transactions: a.  Sold merchandise on…

A: Since we only answer only one question, we’ll answer the first question. Please resubmit the other…

Q: What amount will be paid in full settlement of Invoice 22384, assuming that credit for returns and…

A: The question is based on the concept of Business Accounting

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: Answer -   Part a.- Purchase                                                           $36,000…

Q: Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that…

A: Requirement a:   Compute the net amount to be paid.

Q: Freight terms Determine the amount to be paid in full settlement of each of twoinvoices, (a) and…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the…

A: Sales discount = (sales - sales return) * discount rate = (23000-2500) *3% = P615

Q: Purchase-Related Transactions The debits and credits from four related transactions, (1) through…

A: The transactions are recorded through journal entry. The purchases are recorded through inventory…

Q: Details of purchase invoices including shipping terms, credit terms, and returns appear below.…

A: Credit terms: Goods sold on credit. if the buyer pays with in discount period then buyer is eligible…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: a. Compute the amount to be paid on invoices.

Q: Freight terms Determine the amount to be paid in full settlement of each of the two invoices (a) and…

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…