Determine the Amount to Be Paid in Full Settlement of Each

Short Answer

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. $$\begin{array} { | l | r | r | c | r | } \hline & \textbf { Merchandise } & \begin{array} { c } \textbf { Freight Paid by } \\\textbf { Seller }\end{array} & \textbf { Freight Terms } & \begin{array} { c } \textbf { Returns and } \\\textbf { Allowances }\end{array} \\\hline \text { (a) } & \$ 4,500 & \$ 140 & \begin{array} { l } \text { FOB shipping point, } \\2 / 10 , \text { net } 30\end{array} & \$ 1,200 \\\hline \text { (b) } & 7,650 & \$ 200 & \begin{array} { l } \text { FOB destination, } \\1 / 10 , \text { net } 45\end{array} & 450 \\\hline\end{array}$$