Determining the amount of the sale


Response to the following problem:

Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $2,100.

Determine the following:

(a) amount of the sale,

(b) amount debited to Accounts Receivable, and

(c) amount received within the discount period.

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Financial Accounting: Determining the amount of the sale
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