**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.| Merchandise (Invoice Amount) | Freight Paid by Seller | Freight Terms | Returns and Allowances (Invoice Amount) ||------------------------------|------------------------|------------------------------------|----------------------------------------|| a. $24,000 | $300 | FOB destination, 1/10, n/30 | $2,000 || b. $31,500 | $250 | FOB shipping point, 2/10, n/30 | $2,500 |- The table lists the details of two transactions. - **Merchandise (Invoice Amount):** The total amount before any discounts or returns. - **Freight Paid by Seller:** The cost of shipping paid by the seller. - **Freight Terms:** - **FOB Destination:** Seller pays freight. Discount of 1% if paid within 10 days, net due in 30 days. - **FOB Shipping Point:** Buyer pays freight. Discount of 2% if paid within 10 days, net due in 30 days.- **Returns and Allowances (Invoice Amount):** Reductions in the invoice amount for returned goods or other allowances.**Questions:**- What is the final payment amount for each invoice (a and b) after considering returns, allowances, and any applicable discounts?

Step1 A trade discount is a routine reduction from the regular, established price of a product. The…

Answered: a. b. %24

Business

Accounting

a. b. %24

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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