Question
Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming that credit for returns and allowances was
Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.
| Merchandise | Freight Paid by Seller | Freight Terms | Returns and Allowances | |||||
| a. | $8,450 | $200 | FOB shipping point, 2/10, n/30 | $1,650 | ||||
| b. | 2,800 | 500 | FOB destination, 1/10, n/30 | 1,000 | ||||
| a. | $fill in the blank 1 |
| b. | $fill in the blank 2 |
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Introductory Accounting Finance And Auditing For Lawyers
Authors: Lawrence Cunningham
6th Edition
0314280456, 978-0314280459
