On May 23, Talbots of Boston sold Forrest of Los Angeles $7,450 of fine clothes. Terms were 4/10 EOM FOB Boston. Talbots agreed toprepay the $90 freight.a. If Forrest pays the invoice on June 8, what will Forrest pay?Amount paidb. If Forrest pays on June 24, what will Forrest pay?Amount paid

Discounts help to get early payments. While the seller loses a small percent of the amount, he can…

Answered: Terms were 4/10 EOM FOB Boston.

Business

Accounting

Terms were 4/10 EOM FOB Boston.

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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Question

On May 23, Talbots of Boston sold Forrest of Los Angeles $7,450 of fine clothes. Terms were 4/10 EOM FOB Boston. Talbots agreed to
prepay the $90 freight.
a. If Forrest pays the invoice on June 8, what will Forrest pay?
Amount paid
b. If Forrest pays on June 24, what will Forrest pay?
Amount paid

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