EX 5/12

r5 Accounting for Merchandising Businesses OBJ.2 EX 5-12 Sales-related transactions Merchandise is sold on account to a customer for $24,000, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $425. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, (c) amount of the discount for early payment, and (d) amount due within the discount period. OBJ.2 EX 5-13 Determining amounts to be paid on invoices 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 tha all invoices were paid within the discount period Freight Paid by Seller Merchandise $52,300 14,800 19,100 6 700 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances $2,700 1,600 a. $200 C. d