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.   Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $90,000   $1,000     FOB shipping point, 1/10, n/30 $15,000   b. 110,000   1,575     FOB destination, 2/10, n/30 8,500

Q: Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300,…

A: The journal entries are prepared to record the transactions on regular basis. For FOB shipping…

Q: Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for…

A: When customers pay within the stated discount periods, sales discounts (if offered by sellers)…

Q: For the following purchases of merchandise, determine the amount of cash to be paid: Purchase…

A: please like the answer your response matters   Cash to be paid   a 550   b 594…

Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…

A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36

Q: Determine the amount to be paid in full settlement of the invoice assuming that credit for returns…

A: FOB destination sale: In FOB destination sale freight costs are paid by the seller and ownership is…

Q: Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The…

A: The credit terms is 1/10, n/30 which means if the payment has been paid within 10 days, then 1%…

Q: Create the Correct answer

A: The terms "2/10, n/30, FOB destination" mean that the buyer can take a 2% discount on the invoice…

Q: freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: IF the term is FOB shipping point then freight is added to the total cost but if the term is FOB…

Q: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account,…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Calculate (A) cash discount (B) net amount paid Gross Invoice (including freight) Freight $50…

A: Cash discounts are incentives provided by a seller to a buyer in exchange for paying a bill in full…

Q: The debits and credits from four related transactions, (1) through (4), are presented in the…

A: The terms 1/10, n/30 mean that there will be 1% discount available to the customer if the payment is…

Q: Transactions for Buyer and Seller Statham Co. sold merchandise to Bloomingdale Co. on account,…

A: working note; calculation of amount of payment made as follows: = ($147,600*98/100) + $2,400 =…

Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…

A:

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Given: Payments terms of 2/10, n/30, means that discount of 2% is valid for 10 days from the date of…

Q: For the following purchases of merchandise, determine the amount of cash to be paid: Total Invoice…

A: No. Date Cash Paid Calculation  a Jun-01 410   b Jun-12 811.80 (960-140)*(1-0.01) c Jun-14…

Q: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,200,…

A: The question is based on the concept of Financial Accounting. When goods are sold on credit then the…

Q: None

A: Step 1: Calculate the discount. The terms 2/10 mean that the purchaser can take a 2% discount if…

Q: Calexico trading recorded the following events involving a recent purchase of merchandise:…

A: Solution: Net cost of purchase = (Gross purchase  - Purchase returns) * (1-cash discount rate) +…

Q: Determine the amount to be paid in full settlement of the invoice assuming that credit for returns…

A: FINAL SETTLEMENT AMOUNT  Final Settlement Amount is Computed by Deducting Value of Discount From…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Under FOB shipping, the buyer becomes the owner as and when goods are shipped to customer. The…

Q: 5 Compute the amount to be paid for each of the four separate invoices assuming that all invoices…

A: Net purchase is the amount of cash paid to supplier for the purchase of inventory during the…

Q: Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB…

A: Introduction:- The following basic information as follows under:- Gross sales $21,200 FOB shipping…

Q: Trade discounts of 20/10 may be taken on an invoice that totals $938.50. This amount includes…

A: Amount due if invoice paid within discount period = invoice value - prepaid freight cost - trade…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Full settlement refers to a process in which dues payable to an employee is to be calculated who…

Q: urchased merchandise from Thompson Company for $7,200 under credit terms of 1/15, n/30, FOB shipping…

A: SOLUTION- JOURNAL ENTRY IS THE ACT OF KEEPING OR MAKING RECORDS OF ANY TRANSACTIONS EITHER ECONOMIC…

Q: Freight terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: Sales Discount: It implies a reduction or decrease in the price of the product that is sold by the…

Q: An invoice received included the following information: merchandise price, $3,800; terms 1/10,…

A: Sales invoice:Sales invoice refers to the document which is used to inform the customer the amount…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: For FOB shipping terms, the freight charges are to be paid by the buyer.For FOB destination terms,…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…

Q: A sales invoice included the following information: merchandise price, P4,100; transportation, P320;…

A: • FOB  ( Destination)shipping point : Its the responsibility of buyer to pay the shipping charges .…

Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…

A: Sales - Return = Net Sales  Merchandise Price = $11,800 Prepaid Freight  = $560  Merchandise…

Q: Question 1 Natural operates a Nursery in her district and has been having difficulties preparing her…

A: The trial balance is prepared using the final balances of ledger and shows the balances of different…

Q: I want the Answer please provide

A: Step 1:FOB destination means the seller have all risk and reward relating to goods and the seller…

Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom;…

A: The seller is a person who sells the goods and would receive money for the goods sold.

Q: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,600,…

A: When items are put onto a transportation vehicle at the seller's shipping point, ownership and…

Q: amount to be paid in full settlement

A: FOB that is Free on Board is defined as the shipping term for the sale and purchase of goods. Under…

Q: Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for…

A: Merchandise subject to terms 4/15, n/28, means there will be a cash discount of 4% if payment is…