Freight Paid by Seller Returns and Allowances (Invoice Amount) Merchandise (Invoice Amount) Freight Terms $24,000 $300 FOB destination, 1/10, n/30 $2,000 31,500 250 FOB shipping point, 2/10, n/30 2,500

Freight Paid by Seller Returns and Allowances (Invoice Amount) Merchandise (Invoice Amount) Freight Terms $24,000 $300 FOB destination, 1/10, n/30 $2,000 31,500 250 FOB shipping point, 2/10, n/30 2,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Cost of merchandise sold can be defined as the direct cost of producing the products or services. It…

Q: On April 5, 2020 Company A sell merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB…

A: Under FOB shipping point, the freight charges are paid by the buyer.

Q: The debits and credits from four related transactions, (1) through (4), are presented in the…

A: FOB Shipping Point – Purchaser is responsible for paying the shipping charges.They are usually…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: a Amount to be paid in full settlement = $22,080 = ($24,000 - $2,000) x (100%- 1%) + $300

Q: freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: IF the term is FOB shipping point then freight is added to the total cost but if the term is FOB…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: In this case only part a is mentioned, we are proceeding with part a

Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…

A: Introduction: Purchase discount: Goods are purchased on credit. If payment is made within discount…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: FOB Shipping point means Free on Board Shipping point. It means buyer is responsible for the goods…

Q: Purchase-related transactionsThe debits and credits from four related transactions, (1) through (4),…

A: Credit terms were 1/10, n/30 means that 1% discount will be allowed if payment is made within 10…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Determination of Amount to be paid in full settlement is as follows: Answer a)

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the…

Q: transportation is prepaid by the seller, and that the invoice is paid within the 20. A sales invoice…

A: Discount is provided if the payment is made within the specified period.

Q: Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming…

Q: MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIOn: 1)Merchandise acquired cost is…

A: Journal Entries are primary records maintained by the entity in the books of account, on the…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: Freight: Freight is the shipping cost that a buyer pays for the merchandise purchased. It is a…

Q: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…

A: 1/10, n/30 means 1% discount is offered is payment is made within 10 days of a 30-day payment…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: FOB Shipping Point-indicating that the buyer must pay to get the goods delivered. FOB (Freight on…

Q: A sales invoice included the following information: merchandise price, $8,100; terms 1/10, n/eom,…

A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…

Q: entered into the following transactions: Terms: FOB shipping point; 3/10, n/30. Paid freight charges…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: FOB Shipping Point : This means the seller sends the inventory free on board. The buyer bears the…

Q: a. Purchased goods in transit, shipping FOB Destination. Invoice price - P64,000, which includes…

A: Purchased goods in transit = Purchased goods in transit+ freight costs = P96,000 + P6,000 =…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

Q: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $112,000,…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…

A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…

Q: Gross amount of invoice (freight charge already included) Net amount Freight charge Date of Terms of…

A: 4/10 , 2/15 net 30 means 4% discount will be there if payment is made with in 10 days , 2% discount…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: Amount finally to be paid on settlement = Value of merchandise + Freight paid by seller - credit for…

Q: c. Shipping terms are F.O.B. shipping point, freight prepaid. Ilano paid the shipping costs on June…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: n/20 invoice should be settled in 20 days 1/10, n/30. Invoice should be settled in 30 days, if it is…

Q: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…

Q: FDN Trading recorded the following events involving a recent purchase of merchandise: Received…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: FDN Trading recorded the following events involving a recent purchase merchandise: Received goods…

A: Solution: Net cost of purchases is cost of goods purchased reduced by return and discounts and…

Q: Purchase-Related Transactions The debits and credits from four related transactions, (1) through…

A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…

Q: Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on…

A: Since we only answer only one question, we’ll answer the first question. Please resubmit the other…

Q: Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received…

A: Sales means when goods and services are sold to customers. Sales return means when customer returns…

Q: Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30.…

A: Freight out:- Freight out is defined as the transportation cost that incurred at the time of…

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: Answer - Part a.- Purchase $36,000…

Q: On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…

A: This is a question of Merchandise operations. Credit for refund and discount is reduced from the…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Amount paid = Purchase - Returns and allowances - Discount + Freight paid by seller (if FOB at…

Q: Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that…

A: Requirement a: Compute the net amount to be paid.

Q: Freight terms Determine the amount to be paid in full settlement of each of twoinvoices, (a) and…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: Purchase-Related Transactions The debits and credits from four related transactions, (1) through…

A: The transactions are recorded through journal entry. The purchases are recorded through inventory…

Q: Details of purchase invoices including shipping terms, credit terms, and returns appear below.…

A: Credit terms: Goods sold on credit. if the buyer pays with in discount period then buyer is eligible…

Q: Freight terms Determine the amount to be paid in full settlement of each of the two invoices (a) and…

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…

Question

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.

Freight
Paid by Seller
Returns and
Allowances
(Invoice
Amount)
Merchandise
(Invoice Amount)
Freight Terms
$24,000
$300
FOB destination, 1/10, n/30
$2,000
31,500
250
FOB shipping point, 2/10, n/30
2,500

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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. Merchandise(Invoice Amount) FreightPaid by Seller Freight Terms Returns andAllowances(InvoiceAmount) a. $24,000 $300 FOB destination, 1/10, n/30 $2,000 b. 31,500 250 FOB shipping point, 2/10, n/30 2,500
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. Merchandise(Invoice Amount) FreightPaid by Seller Freight Terms Returns andAllowances(InvoiceAmount) a. $24,000 $300 FOB destination, 1/10, n/30 $2,000 b. 31,500 250 FOB shipping point, 2/10, n/30 2,500 a. $ b. $ Feedback a & b. Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase – Return – Discount) + applicable freight.
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. Merchandise(Invoice Amount) FreightPaid by Seller Freight Terms Returns andAllowances(InvoiceAmount) a. $24,000 300 FOB destination, 1/10, n/30 2000 b. 31,500 250 FOB shipping point 2/10, n/30 2500 a. $ b. $
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.
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. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $36,000 800 FOB destination, 1/10, n/30 $4,000 b. 44,900 375 FOB shipping point, 2/10, n/30 2,400
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. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $90,000 $1,000 FOB shipping point, 1/10, n/30 $15,000 b. 110,000 1,575 FOB destination, 2/10, n/30 8,500
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. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $5,750 $400 FOB shipping point, 2/10, n/30 $1,700 b. 3,100 500 FOB destination, 1/10, n/30 900 a. $fill in the blank 1 b. $fill in the blank 2
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. Merchandise FreightPaid by Seller Freight Terms Credit forRefunds andAllowances a. $120,800 $1,300 FOB shipping point, 1/10, n/30 $20,100 b. 147,700 2,100 FOB destination, 2/10, n/30 11,400
What amount will be paid in full settlement of Invoice 22384, assuming that credit for returns and allowances was received prior to payment and that the invoice was paid within the discount period. Inv. No. Merchandise Freight Paid by Seller Freight Terms Returns and Allowances 22384 $4,500 $140 FOB Shipping Point,2/10, net 30 $1,200
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. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $5,900 $200 FOB shipping point, 2/10, n/30 $1,750 b. 2,600 400 FOB destination, 1/10, n/30 1,200
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
Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $