6. Freight designation is F.O.B. Destination. Who is responsible forpaying the shipper?7. Explain what the terms of sale 2/10, n/30 represents?8. If the merchandiser pays within 10 days of the invoice date howmuch will they actually pay? Explain your answer.9. Explain why the merchandiser is not paying sales tax.10. What information from this invoice would be entered in theSource Document column of the journal? 11.Let's assume the merchandiser (buyer) pays after the discountperiod expires, how will the vendor (seller) journalize thepayment? Add the appropriate amount to the appropriateaccounts provided below.Use the picture below to answer the following questions. Module 8 Lesson 1 AssignmentABC CompanySALES INVOICE123 Main StreetWilmington, NC 28401Phone 910.555.1212 Fax 910.555.1234INVOICE #10DATE: JANUARY 10, 20XXTO:SHIP TO:Accounts Payable DepartmentSports Emporium991 Industry AvenueWilmington, NC 28412910.555.9876Receiving ClerkSports Emporium991 Industry AvenueWilmington, NC 28412910.555.5678COMMENTS OR SPECIAL INSTRUCTIONS:SALESPERSONP.O. NUMBERREQUISITIONERSHIPPED VIAF.O.B. POINTTERMSOvernightExpressFred Taylor123456Cindy JacksonDestination2/10, n/30UNIT PRICEТOTALDESCRIPTIONQUANTITY$20.00$1,000.0050Spalding NCAA Basketball$125.00$1,875.0015Louisville Slugger Baseball Bat$65.00$1,300.0020Koho Hockey SticksSUBTOTAL$4,175.00SALES TAXSHIPPING & HANDLINGTOTAL DUE$4,175.00

Hi student Since there are multiple subparts, we will answer only first three subparts.

Business

Accounting

6. Freight designation is F.O.B. Destination. Who is responsible for paying the shipper? 7. Explain what the terms of sale 2/10, n/30 represents? 8. If the merchandiser pays within 10 days of the invoice date how much will they actually pay? Explain your answer.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section10.2: Posting From A Sales Journal

Problem 1OYO

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