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 thatall invoices were paid within the discount period.FreightPaid by SellerReturns andAllowancesMerchandiseFreight Terms$36,000$800FOB destination, 1/10, n/30$4,000a.b.FOB shipping point, 2/10, n/3044,9003752,400

FOB (Free on Board) Destination means that the buyer pays all costs incurred for the delivery of…

Answered: Determine the amount to be paid in full…

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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Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Date of Gross amount of invoice (freight charge already included) Freight charge Terms of invoice Date of payment invoice None 8/14 4/10, 3/15, n/30 8/26 700 Cash discount Net amount paid
None
1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
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Determine the amount to be paid in full settlement of each of the following invoices, 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 Returns and Allowances a. $21,800 - FOB shipping point, 1/10, n/30 $1,100 b. 12,000 $500 FOB shipping point, 1/10, n/30 1,400 c. 6,500 - FOB destination, 1/10, n/30 600 d. 2,900 100 FOB shipping point, 1/10, n/30 400 e. 3,600 - FOB destination, 1/10, n/30 - a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) $ 625 Freight charge None Date of invoice 8/10 Terms of invoice 5/10, 4/15, n/30 Date of payment 8/22 Cash discount Net amount paid
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge date of invoice terms of service date of payment cash discount net amount paid $650 None 8/11 4/10,2/15, n/30 8/23
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. If required, round the answers to the nearest dollar.
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
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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