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Determine the invoice amount of the merchandise

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Reference no: EM132478800

Question 1: The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30.

Cash credit (2)150 Credit (4)11,880

Accounts Payable Debit (3)1,980 Credit (1)13,860 Credit (4)11,880

Inventory Debit (1)13,860 Credit (3)1,980 Debit (2)150

Question 2: Determine the invoice amount of the merchandise that was returned in (3).

Reference no: EM132478800

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