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

A: In the case of FOB Shipping point Amount to be paid = ( Purchases - Return ) * ( 1 - Discount rate )…

Q: Coronado Company has the following account balances: Purchases Sales Returns and Allowances Purchase…

A: Cost sheet is a method of allocating total costs into different categories. It helps to identify the…

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

A: FOB Shipping Point – Purchaser is responsible for paying the shipping charges.They are usually…

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

A: a Amount to be paid in full settlement =  $22,080  = ($24,000 - $2,000) x (100%- 1%) + $300

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

A: The total gross purchases might be divided by the purchase allowances, buy refunds, and purchase…

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: 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: Purchase-related transactionsThe debits and credits from four related transactions, (1) through (4),…

A: a. To determine  Purchases is an activity of acquiring the merchandise inventory of a business. To…

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

A: Accounts Payable is a ledger that represents the amount accrued by the organization. Purchases made…

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

A:

Q: Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of…

A: FOB shipping point and FOB destination point are two important terms using during the transfer of…

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

A: In the case of FOB Shipping pointAmount to be paid = ( Purchases - Return ) * ( 1 - Discount rate )…

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

A: After the products are shipped from the seller's location, the buyer acquires ownership of them…

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

A: The invoice describes the payment details. It includes gross amount due, freight details, Discount…

Q: ate

A: Solution a: Amount to be paid = ($6,700 - $1,700)×99% + $700 = $4,950 + $700 = $5,650

Q: Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10,…

A: Journal: Recording of a business transactions in a chronological order.

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: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $112,000,…

A: Journal entries are entries recorded in the books of accounts. Journal entries are recorded from the…

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

A: MERCHANDISE PURCHASED = MERCHANDISE - RETURN ALLOWANCE = $13,200 - $1,300 = $11,900   = MERCHANDISE…

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

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

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

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

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

A: Answer :a)Working (a) FOB Destination Under this the freight is paid by the seller only and not…