Question
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Terms Returns and Allowances a. $ 12,800 FOB shipping point, 1/10, n/30 $ 1,000 b. 6,000 $ 175 FOB shipping point, 2/10, n/30 500
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
| Merchandise | Freight Paid by Seller | Terms | Returns and Allowances | ||||||
| a. | $ 12,800 | FOB shipping point, 1/10, n/30 | $ 1,000 | ||||||
| b. | 6,000 | $ 175 | FOB shipping point, 2/10, n/30 | 500 | |||||
| c. | 30,000 | 2,500 | FOB destination, n/30 | 5,000 | |||||
| d. | 28,500 | 1,100 | FOB shipping point, 2/10, n/30 | 2,500 | |||||
| e. | 7,700 | 250 | FOB destination, 2/10, n/30 |
| Amount to be Paid | |
| a. | $fill in the blank 1 |
| b. | $fill in the blank 2 |
| c. | $fill in the blank 3 |
| d. | $fill in the blank 4 |
| e. | $fill in the blank 5 |
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The Fraud Audit Responding To The Risk Of Fraud In Core Business Systems
Authors: Leonard W. Vona
1st Edition
0470647264, 978-0470647264
