EC1

Freight Terms 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. Credit for Freight Refunds and Merchandise Paid by Seller Freight Terms Allowances a. $9,050 $300 FOB shipping point, 2/10, n/30 $1,450 b. 3,600 600 FOB destination, 1/10, n/30 800 a. $ b. $ Transactions for Buyer and Seller Wilmington Co. sold merchandise to Angelleti Co. on account, $159,300, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,580. Wilmington Co. paid freight of $2,700. Assume that all discounts are taken. Journalize Wilmington Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Payable (b) 10 ID II (c) Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank. (a) (b)