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 Freight Paid by Seller Freight Terms Returns and Allowances a. $36,000 800       FOB destination, 1/10, n/30 $4,000   b. 44,900 375       FOB shipping point, 2/10, n/30 2,400

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

A: In this case only part a is mentioned, we are proceeding with part a

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: Credit terms were 1/10, n/30 means that 1% discount will be allowed if payment is made within 10…

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: Transactions for Buyer and Seller Statham Co. sold merchandise to Bloomingdale Co. on account,…

A: working note; calculation of amount of payment made as follows: = ($147,600*98/100) + $2,400 =…

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

A: 1/10 net 30 means that 1 percent discount will be given if the payment is made with in 10 days and…

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: FN Trading recorded the following events involving a recent purchase of merchandise: Received goods…

A: SOLUTION- NET COST OF PURCHASE = (GROSS PURCHASE - PURCHASE RETURN) * (1-CASH DISCOUNT RATE) +…

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: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…

A: 1/10, n/30 means 1% discount is offered is payment is made within 10 days of a 30-day payment…

Q: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…

A: SOLUTION- FOB SHIPPING POINT- IT IS ALSO CALLED FREE OB BOARD SHIPPING IS A SET OF DELIVERY TERMS…

Q: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom,…

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

Q: A sales invoice included the following information: merchandise price, $8,100; terms 1/10, n/eom,…

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

Q: Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The…

A: FOB: FOB stands for free on board. FOB is term that determines the person who is liable for damage…

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

A: Explanation : 1/10 , net 30 means 1% discount is given if payment is made within 10 days otherwise…

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: Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB…

A:

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: 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: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…

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

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

A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…

Q: Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30.…

A: Freight out:- Freight out is defined as the transportation cost that incurred at the time of…

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: Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

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: 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…