Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit forreturns and allowances was received prior to payment and that all invoices were paid within the discount period. Ifrequired, round the answers to the nearest dollar.a.b.a. Sb. $Merchandise(Invoice Amount)$5,5502,600FreightPaid by Seller$700300Freight TermsFOB destination, 2/10, n/30FOB shipping point, 1/10, n/30Returns andAllowances(InvoiceAmount)$1,300800

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

nd allowances was received prior to payment and that all invoices were paid within th round the answers to the nearest dollar. Merchandise invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30

nd allowances was received prior to payment and that all invoices were paid within th round the answers to the nearest dollar. Merchandise invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/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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