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SUJU U L UGLIONI UBJ. 2 Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the
SUJU U L UGLIONI UBJ. 2 Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the mer- chandise sold was $55,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10,400 terms n/30. The cost of the merchandise returned was $6,500. p. 297 PE 6-4A Freight terms OBJ. 2 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. Freight Returns and Merchandise Paid by Seller Allowances Freight Terms $15,000 $ 90,000 $1,000 FOB shipping point, 1/10,n/30 8,500 110,000 1,575 FOB destination, 2/10,n/30 b. OBJ. 2 4 p.297 PE 6-4B 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. Returns and Freight Allowances Merchandise Paid by Seller Freight Terms $4,000 $36,000 $800 FOB destination, 1/10, 1/30 2,400 44,900 FOB shipping point 2/10,n/30 a. 375 OBJ.2
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