Question
A company purchased $11,800 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge was $1,400 and was
A company purchased $11,800 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge was $1,400 and was prepaid by the sellers. On June 20, it returned $2,240 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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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
