Determine the amount to be paid in 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. a. $13,200 b. $10,400 a. Merchandise b. Freight Paid by Seller $215 $56 Freight Terms FOB Shipping Point, 1/10, net 30 FOB Destination, 2/10, net 45 Returns and Allowances $1,300 $2,300
Determine the amount to be paid in 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. a. $13,200 b. $10,400 a. Merchandise b. Freight Paid by Seller $215 $56 Freight Terms FOB Shipping Point, 1/10, net 30 FOB Destination, 2/10, net 45 Returns and Allowances $1,300 $2,300
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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Determine the amount to be paid in 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 | Freight Paid by Seller |
Freight Terms | Returns and Allowances |
||
a. | $13,200 | $215 | FOB Shipping Point, 1/10, net 30 | $1,300 | |
b. | $10,400 | $56 | FOB Destination, 2/10, net 45 | $2,300 | |
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