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Gross amount of invoice (freight charge already included) Net amount Freight charge Date of Terms of Date of Cash invoice invoice payment discount paid $ 950 None 8/9 4/10, 2/15, n/30 8/22 2$ O $

Gross amount of invoice (freight charge already included) Net amount Freight charge Date of Terms of Date of Cash invoice invoice payment discount paid $ 950 None 8/9 4/10, 2/15, n/30 8/22 2$ O $

FINANCIAL ACCOUNTING
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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Gross amount of invoice (freight charge already included) Date of рayment Terms of Freight charge Date of Cash Net amount invoice invoice discount paid $ 950 None 8/9 4/10, 2/15, n/30 8/22 $
Transcribed Image Text:Gross amount of invoice (freight charge already included) Date of рayment Terms of Freight charge Date of Cash Net amount invoice invoice discount paid $ 950 None 8/9 4/10, 2/15, n/30 8/22 $
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Follow-up Question

Complete the following 

Invoice Date goods are received terms last day of discount period final day bill is due (end of credit period)
June 27   3/10 EOM    
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Follow-up Question

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    
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