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A sales invoice included the following information: merchandise price, $12,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $400 added to the invoice.
A sales invoice included the following information: merchandise price, $12,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $400 added to the invoice. Assuming that a credit for merchandise returned of $1,000 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller?
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