Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paidby SellerFreight TermsReturns andAllowancesa.$13,200 $215 FOB Shipping Point, 1/10, net 30$1,300 b.$10,400 $56 FOB Destination, 2/10, net 45$2,300 Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paidwithin the discount period.a. $13,200b.$10,400a.Merchandiseb.Freight Paidby Seller$215$56Freight TermsFOB Shipping Point, 1/10, net 30FOB Destination, 2/10, net 45Returns andAllowances$1,300$2,300

MERCHANDISE PURCHASED = MERCHANDISE - RETURN ALLOWANCE = $13,200 - $1,300 = $11,900 = MERCHANDISE…

Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. $13,200 b. $10,400 a. Merchandise b. Freight Paid by Seller $215 $56 Freight Terms FOB Shipping Point, 1/10, net 30 FOB Destination, 2/10, net 45 Returns and Allowances $1,300 $2,300

Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. $13,200 b. $10,400 a. Merchandise b. Freight Paid by Seller $215 $56 Freight Terms FOB Shipping Point, 1/10, net 30 FOB Destination, 2/10, net 45 Returns and Allowances $1,300 $2,300

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
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	Merchandise	Freight Paid by Seller	Freight Terms	Returns and Allowances
a.	$13,200	$215	FOB Shipping Point, 1/10, net 30	$1,300
b.	$10,400	$56	FOB Destination, 2/10, net 45	$2,300