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A company purchased $11,200 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1100, was added
A company purchased $11,200 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1100, was added to the invoice amount. On June 20, it returned $1760 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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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
