Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. MerchandiseTransportation Paid by SellerTransportation TermsReturns and Allowances(a)$9,400$366FOB Shipping Point, 1/10, net 30$900(b)$9,300$77FOB Destination, 2/10, net 45$2,000a. $fill in the blank 1b. $fill in the blank 2

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Business

Accounting

a. $fill in the blank 1 b. $fill in the blank 2

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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Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.

	Merchandise	Transportation Paid by Seller	Transportation Terms	Returns and Allowances
(a)	$9,400	$366	FOB Shipping Point, 1/10, net 30	$900
(b)	$9,300	$77	FOB Destination, 2/10, net 45	$2,000

a.	$fill in the blank 1
b.	$fill in the blank 2

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