Question
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
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.
| Merchandise | Freight Paid by Seller | Freight Terms | Returns and Allowances | |||||
| a. | $36,000 | $800 | FOB destination, 1/10, n/30 | $4,000 | ||||
| b. | 44,900 | 375 | FOB shipping point, 2/10, n/30 | 2,400 | ||||
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College Accounting Ch 1-14
Authors: John Wild, Vernon Richardson, Ken Shaw
1st Edition
0073346896, 9780073346892
