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. a B Merchandise $8,350 3,900 Freight Paid by Seller $600 400 Freight Terms FOB shipping point, 2/10, n/30 FOB destination, 1/10, 1/30

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. a B Merchandise $8,350 3,900 Freight Paid by Seller $600 400 Freight Terms FOB shipping point, 2/10, n/30 FOB destination, 1/10, 1/30

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 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. Freight Paid Returns and Merchandise by Seller Freight Terms Allowances a. $11,200 $224 FOB Shipping Point, 1/10, net 30 $1,100 b. $3,900 $56 FOB Destination, 2/10, net 45 $900 a. 2$ b.
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What is the amount to be paid in full settlement ?