Question
A business purchased $11,100 worth of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight cost was $1,050. On
A business purchased $11,100 worth of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight cost was $1,050. On June 20, he returned $1,680 of that merchandise. On June 24, he paid the balance owed for the merchandise, taking the corresponding discount.
What will be the cash paid on June 24 ?
Step by Step Solution
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Step: 1
The terms 210 n45 FOB shipping point mean that the buyer can take a 2 d...
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Brian Zwicker
11th Canadian Edition
132564440, 978-0132564441
