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4. Purchase Date 1-May List price 50,000 Shipping terms FOB Destination, freight prepaid 2,000 Payment terms Cash; less 5%, 10% discount Return of merchandise 1,000
4. Purchase Date 1-May List price 50,000 Shipping terms FOB Destination, freight prepaid 2,000 Payment terms Cash; less 5%, 10% discount Return of merchandise 1,000 on May 3 Cash Discount availed of Amount paid on May 01 Transportation cost recognized as expense by (buyer or seller? Transportation cost paid by (buyer or seller) 5. Purchase Date 8-sep List price 10,000 Shipping terms FOB Shipping point, 500 freight prepaid Payment terms Less 10%; 2/10,n/30 Return of merchandise 500 on Sept 10 Cash Discount availed of (if any) Amount paid on Sept 18, upon full settlement of account Transportation cost recognized as expense by (buyer or seller? Transportation cost paid by (buyer or seller)
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