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Details of a purchase invoice, credit terms, and a purchase return are shown below. Assume the credit memo was received and payment made within the
Details of a purchase invoice, credit terms, and a purchase return are shown below. Assume the credit memo was received and payment made within the discount period. Cost of merchandise as shown on purchase invoice $9,200 Cost of merchandise returned 3,700 Transportation charges, terms FOB shipping point 500 Credit terms 2/10 n/30 Compute the following: a) amount of discount b) amount paid by purchaser, within the discount period, including freight, if applicable c) amount paid by purchaser if paid after expiration of discount including freight, if applicable
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