Determine the amount to be paid in full settlement of each of invoices (a) and (b)

Determine the amount to be paid in full settlement of each of 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.

 

 

Transportation

 

Returns and

a.

Merchandise

Paid by Seller

Transportation Terms

Allowances

$4,500

$200

FOB shipping point, 1/10, n/30

$ 800

b.

5,000

60

FOB destination, 2/10, n/30

2,500

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