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(solution) BUS 207 Principles of Accounting I Homework Assignment


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


Merchandise                    Freight paid by seller                           returns and allowances 

a. $10,850                          ? FOB destination, n/20                        $450

b. 8,600                   $450 FOB shipping point, 3/10, n/30            1,800               

  c. 7,600                  -FOB shipping point, 1/10, n/30                      350                   

 d. 14,250               250 FOB shipping point, 2/10, n/30               300                   

 e. 5,650                 - FOB destination, 2/10, n/30                           200


BUS 207 ? Principles of Accounting I

 

Homework Assignment 5

 

Chapter 6

 

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. a.

 

b.

 

c.

 

d.

 

e. Merchandise

 

$10,850 8,600 7,600 14,250 5,650 Freight

 

Paid by Seller ?

 

$450 ? 250 ? FOB destination, n/20

 

FOB shipping point, 3/10, n/30

 

FOB shipping point, 1/10, n/30

 

FOB shipping point, 2/10, n/30

 

FOB destination, 2/10, n/30 Returns and

 

Allowances

 

$450 1,800 350 300 200

 


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