5 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise (gross) Terms Payment a. $ 6,600 2/10, n/60 $ 6,476 b. $ 22,400 1/15, n/90 $ 21,582 C. $ 78,200 1/10, n/30 $ 76,626 d. $ 14,000 3/15, n/45 $ 12,610

5 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise (gross) Terms Payment a. $ 6,600 2/10, n/60 $ 6,476 b. $ 22,400 1/15, n/90 $ 21,582 C. $ 78,200 1/10, n/30 $ 76,626 d. $ 14,000 3/15, n/45 $ 12,610

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2MC: When 25 of merchandise is returned for a credit on account, what is the amount of the credit to...

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Question

5
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.
Merchandise
(gross)
Terms
Payment
a. $
6,600
2/10, n/60
$
6,476
b.
$
22,400
1/15, n/90
$
21,582
C.
$
78,200
1/10, n/30
$
76,626
d.
$
14,000
3/15, n/45
$
12,610

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Step 1: Introduce to net purchases

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Step 2: Working for payment for merchandise for situation #a

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Step 3: Working for payment for merchandise for situation #b

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Step 4: Working for payment for merchandise for situation #c

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Step 5: Working for payment for merchandise for situation #d

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