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. If required, round the answers to the nearest dollar.     Merchandise Freight Paid by Seller Freight Terms Returns and Allowances a. $9,900   $400     FOB destination, 2/10, n/30 $1,450   b. 2,700   300     FOB shipping point, 1/10, n/30 800     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 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. If required, round the answers to the nearest dollar.

 

  Merchandise Freight
Paid by Seller
Freight Terms Returns and
Allowances
a. $9,900   $400     FOB destination, 2/10, n/30 $1,450  
b. 2,700   300     FOB shipping point, 1/10, n/30 800  

 

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