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dated October 15, terms 3/10, n/90, FOB shipping point. The goods cost Sanford $24,120. Franklin pays $460 cash to Speedy Shipping for delivery charges on
dated October 15, terms 3/10, n/90, FOB shipping point. The goods cost Sanford $24,120. Franklin pays $460 cash to Speedy Shipping for delivery charges on the merchandise. 19-Feb Franklin returns $1,200 of the $36,000 of goods to Sanford, who receives them the same day and restores them to its inventory. The returned goods had cost Sanford $804. 25-Feb Franklin pays Sanford for the amount owed. Sanford receives the cash immediately
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