Determining Amounts to be Paid on InvoicesDetermine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: MerchandiseFreight Paid by Seller Customer Returns and Allowancesa.$14,000 - FOB destination, n/30$3,250 b.21,200 $380 FOB shipping point, 2/10, n/304,000 c.16,400 - FOB shipping point, 1/10, n/30900 d.7,500 250 FOB shipping point, 2/10, n/301,200 e.28,800 - FOB destination, 1/10, n/30-

FOB Destination states that the goods transfer the title only when they reach the buyer's specified…

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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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Determining Amounts to be Paid on Invoices

Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period:

	Merchandise	Freight Paid by Seller		Customer Returns and Allowances
a.	$14,000		-		FOB destination, n/30	$3,250
b.	21,200		$380		FOB shipping point, 2/10, n/30	4,000
c.	16,400		-		FOB shipping point, 1/10, n/30	900
d.	7,500		250		FOB shipping point, 2/10, n/30	1,200
e.	28,800		-		FOB destination, 1/10, n/30	-

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