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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Determining amounts to be paid on invoices

Determine the amount to be paid in full settlement of each of the following invoices, assuming that a·credit for returns and allowances was received prim· to payment and that all invoices were paid within the discount period:

Merchandise Freight Paid by Seller Customer Returns and Allowances
a. $14,000 FOB destination, n/30 $3,250
b. 21,200 $380 FOB shipping point, 2/10, n/30 4,000
c. 16,400 FOB shipping point, 1/10, n/30 900
d. 7,500 250 FOB shipping point, 2/10, n/30 1,200
e. 28,800 FOB destination, 1 /10, n/30

a.

To determine

Purchases is an activity of acquiring the merchandise inventory of a business.

Sales is an activity of selling the merchandise inventory of a business.

To Determine: The amounts to be paid on invoices.

Explanation

Calculate the amount to be paid on invoices.

Merchandise = $14,000 (FOB destination, n/30)

Customer Returns and Allowances = $3,250

Amount to be paid on invoices = MerchandiseCustomer

b.

To determine
The amounts to be paid on invoices.

c.

To determine
The amounts to be paid on invoices.

d.

To determine
The amounts to be paid on invoices.

e.

To determine
The amounts to be paid on invoices.

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