Answer with working steps & explanation Question:Merchandise with an invoice price of $10,000 was purchased subject to terms of2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300.Assuming the invoice was paid within the discount period, what is the purchaser'snet cost of the merchandise?

Step 1:Explanation for the credit terms: Terms are 2/10, n/30, FOB destination. So,2/10: A 2% sales…

Answered: Question: Merchandise with an invoice…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...

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What is the purchaser's net cost of the merchandise?
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The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Answer- credit to accounts receivable for $2400 Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of 2/10, n/30. What is the net cost of the goods if Kingbird, Inc. pays within the discount period? Answer- 12,838 Just tell me the difference between the phrasing of the two questions. In other words, why don't I multiply 0.02 percent to 2,400 and then subtract $48 to get 2352 debit to sales revenue for the first question?
Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $20,100. What is the amount of sales discount allowable?
Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. What is the net cost of the merchandise?
I want the Answer please provide
Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
A sales invoice included the following information: merchandise price, $4,500; transportation, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?

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Question: Merchandise with an invoice price of $10,000 was purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. Assuming the invoice was paid within the discount period, what is the purchaser's net cost of the merchandise?