Question
Purchased merchandise from Blue Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. Paid
Purchased merchandise from Blue Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. Paid $258 for shipping charges on the April 2 purchase. Returned to Blue Company unacceptable merchandise that had an invoice price of $500. Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased merchandise from Fox Corp. under the following terms: $9,650 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. After negotiations, received from Fox a $2,702 allowance on the April 18 purchase. Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.
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