A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB...
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A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1300, was added to the invoice amount. On June 20, it returned $2080 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1300, was added to the invoice amount. On June 20, it returned $2080 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:
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Answer rating: 100% (QA)
Net Invoice Amount We first calculate the net invoice amount by subtracting the returned mer... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Posted Date:
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