Determine the amount to be paid in full settlement of each of 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. Transportation Returns anda.MerchandisePaid by SellerTransportation TermsAllowances$ 8,150$200FOB destination, 2/10, n/30$1,300b.12,750625FOB shipping point, 2/10, n/303,000

In case of FOB Destination, Price actually payable by customer = (Merchandise price - Customer…

Answered: Determine the amount to be paid in full…

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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Determine the amount to be paid in full settlement of each of 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.

		Transportation		Returns and
a.	Merchandise	Paid by Seller	Transportation Terms	Allowances
a.	$ 8,150	$200	FOB destination, 2/10, n/30	$1,300
b.	12,750	625	FOB shipping point, 2/10, n/30	3,000

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