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 Pald by Seller Freight Terms Allowances $9,900 $500 FOB shipping point, 1/10, 1/30 $1.500 3,300 700 FOB destination, 2/10, 1/30 700 b. Intructions Chart of Accounts Journal Instructions Joumake the entries for the following transactions Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for journal explanations. Every line on a journal page is used for debut or credit entries. CNOW jours will automatically indent a credit entry when a credit amount is entered (Note: the company uses a cleaninghouse to take care of all bank as well as non-bank credit cards used by its customers.) Mar 1 10 12 Sold merchandise for cash, $31,600. The cost of the merchandise sold was $12.640. Sold merchandise on account, $259,000. The cost of the merchandise sold was $100,000 Sold merchandise to customers who used MasterCard and VISA. $153,000. The cost of the merchandise sold was $61,200 Sold merchandise to customers who used American Express, $73,800. The cost of the merchandise sold was $29.520 Paid $8,000, to National Clearing House Credit Co. for service toes for processing MasterCard, VISA, and American Express sales. 17 31 Chart of Accounts Journal Instructions Journal 1 Mar 1 1 1 Mar 10 3 Mar. 12 6 7 Mar. 17 1 Mar 31 10 11 12 11 14 15 3 11