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Determine the amount to be paid within the discount period for purchase with an invoice p

 Determine the amount to be paid within the discount period for purchase with an invoice price of $7,000 plus 13% HST, subject to credit terms of 2/10, n/30.

$________________

 

9) Determine the net cost of a purchase paid for within the discount period with an invoice price of $5,000 plus 13% HST and credit terms of 2/10, n/30 when $1,500 (before HST) has already been returned for credit. The goods were purchased with freight terms of F.O.B shipping point and freight of $80, which was invoiced and paid separately.

$________________

10) Determine the amount to be paid within the discount period for purchase with an invoice price of $3,000 plus GST at 5% and credit terms of 2/10, n/30 when $500 (before GST) has already been returned for credit.

$________________

 

11) Determine the amount to be paid to the vendor within the discount period for purchase with an invoice price of $2,500 plus HST at 13% and credit terms of 2/10, n/30 when $700 (before HST) has already been returned for credit. The goods were purchased with freight terms of F.O.B shipping point and freight of $50 (before HST) was included on the invoice.

$________________

 

12) On June 15, K. Finch purchased merchandise for her furniture store. The invoice was for $10,500 plus GST, $525, terms 3/10, n/30. On June 20, K. Finch returned $300 of merchandise for credit. On June 30, K. Finch paid the amount owed. Answer the following questions.

 

a) The debit to Purchases on June 15 is ________________.

b) The credit to Accounts Payable on June 15 is ________________.

c) The credit to Purchases Returns and Allowances on June 20 is ________________.

d) The credit to Cash on June 30 is ________________.

e) The credit to Purchases Discount on June 30 is ________________.

Dec 06 2019 View more View Less

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