A sales invoice included the following information: merchandise price, $8,900; terms 1/10, n/eom; FOB shipping point with prepaid freight of $304 added to the invoice. Assuming that a credit for merchandise returned of $1,800 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a. $8,900 b. $1,800 c. $9,112 d. $7,333

A sales invoice included the following information: merchandise price, $8,900; terms 1/10, n/eom; FOB shipping point with prepaid freight of $304 added to the invoice. Assuming that a credit for merchandise returned of $1,800 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a. $8,900 b. $1,800 c. $9,112 d. $7,333

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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