Freight TermsDetermine the amount to be paid in full settlement of each of two invoices, (a) and (b),assuming that credit for returns and allowances was received prior to payment and that allinvoices were paid within the discount period. If required, round the answers to thenearest dollar.Merchandise$8,3503.9008,738 X385 XFreightPaid by Seller$600400SAMSUNGFreight TermsFOB shipping point, 2/10, n/30FOB destination, 1/10, n/30bjufcer FOB shipping point, freight is paid by the buyer, while under FOBpestination freight is the seller's expense. To determine the amount, first deduct thereturn before calculating the discount. Then calculate (Purchase - Return - Discount) +applicable reight.Pravic5:32 AM4/10/2023

The invoice describes the payment details. It includes gross amount due, freight details, Discount…

Freight Terms Determine the amount to be paid in full settlement of each of two 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. If required, round the answers to the nearest dollar. al a. $ B.S Merchandise $8,350 3,900 8,738 X 385 X Feedback Freight Paid by Seller $500 400 Freight Terms FOB shipping point, 2/10, n/30 FOB destination, 1/10, n/30 Cheak My Work ABF Urcer FOB shipping point, freight is paid by the buyer, while under FOB pastination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return - Discount) +

Freight Terms Determine the amount to be paid in full settlement of each of two 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. If required, round the answers to the nearest dollar. al a. $ B.S Merchandise $8,350 3,900 8,738 X 385 X Feedback Freight Paid by Seller $500 400 Freight Terms FOB shipping point, 2/10, n/30 FOB destination, 1/10, n/30 Cheak My Work ABF Urcer FOB shipping point, freight is paid by the buyer, while under FOB pastination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return - Discount) +

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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Required: • JOURNAL ENTRIES
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Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit for returns and allowances was received prior and that all invoices were paid within the discount period, a. b. Merchandise $3,400 $13,300 3103 Freight Paid by Seller $287 $72 Freight Terms FOB shipping point, 1/10, net 30 FOB destination, 2/10, net 45 Returns and Allowances $300 $2,900 payment
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that al invoices were paid within the discount period. If required, round the answers to the nearest dollar. Credit for Refunds and Freight Paid by Seller Merchandise Freight Terms Allowances $6,300 $600 FOB shipping point, 2/10, n/30 $1,550 a. 2,900 600 FOB destination, 1/10, n/30 1,200 a.
Question Content Area Transactions for Buyer and Seller Ellis Co. sold merchandise to Angelleti Co. on account, $148,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,160. Ellis Co. paid freight of $2,100. Assume that all discounts are taken. Question Content Area Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. Question Content Area Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.
Details of invoices for purchases of merchandise are as follows: Invoice Merchandise Freight Freight Terms Returns andAllowances Invoice A $2,800 $45 FOB shipping point, 1/10, n/30 $200 InvoiceB 7,600 60 FOB destination, n/30 800 Invoice C 1,400 55 FOB shipping point, 2/10, n/30 600 Invoice D 500 50 FOB destination, 1/10, n/30 0 What will be the total amount collected on all four invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394
Freight Terms Determine the amount to be paid in full settlement of each of two 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. a. b. a. b. Merchandise $120,800 147,700 00 Freight Paid by Seller $1,300 2,100 Freight Terms FOB shipping point, 1/10, n/30 FOB destination, 2/10, n/30
Requirement: Journal Entry Buyer: Mindoro Enterprises Seller: GTI, Inc Mindoro Enterprises purchased more merchandise worth 42,000 from GTI Inc. on terms 5/10, n/30, FOB SHIPPING POINT. Freightcharges Of 1,800 was PAID BY GTI Inc.
C part
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…