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Barnes Company purchased goods with the following terms and details:
Sales price, $5,000
Terms, 5/10, n/30
Date of sale, November 8
Date of payment, November 18
Returns and allowances (before payment), $500
Shipping, FOB Shipping Point, $155, prepaid by seller
Required:
Problem 1: Compute the amount that Barnes Company has to pay to the seller for the goods.
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