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Question -
A) Sales Transaction (EOM means end of month)
A sales invoice included the following information: merchandise price,$12000; transportation, $500; terms 2/10, n/eom, FOB shipping point. Assuming that a credit for merchandised returned of $600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller? Show your solution and underline the final answer.
B) Discount
Merchandise with an invoice price of $7000 is purchased with terms of 2/10, n/30/ FOB shipping point. Transportation costs paid by the seller were $125. What is the cost of the merchandise purchased if payment is made during the discount period? Show your solution and underline the final answer.
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