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. | $8,900 | $500 | FOB shipping point, 2/10, n/30 | $1,800 | ||||
| b. | 4,700 | 100 | FOB destination, 1/10, n/30 | 900 | ||||
| a. | $ |
| b. | $ |
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Auditing
Authors: Alan Millichamp, John Taylor
10th Edition
1408044080, 978-1408044087
