Determine the amount to be paid in 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   Freight Paid by Seller Freight Terms Returns and Allowances a. $10,900        $271      FOB Shipping Point, 1/10, net 30 $1,100      b. $3,700        $79      FOB Destination, 2/10, net 45 $800        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
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Determine the amount to be paid in 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   Freight Paid
by Seller
Freight Terms Returns and
Allowances
a. $10,900        $271      FOB Shipping Point, 1/10, net 30 $1,100     
b. $3,700        $79      FOB Destination, 2/10, net 45 $800     

 

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

 

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