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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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