For each of the following Mary Paz Abad Retailers purchases, assume that credit tem are...
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For each of the following Mary Paz Abad Retailers purchases, assume that credit tem are 2/10, n/30 and that any credit memorandum was issued and known before Na SECTION: T Problem 13 Cash Discount and Remittance Calculations 2154 Paz Abad Retailers made the payments. Credit Memo Prepaid Freight (by seller) P 1,000 2,400 P 3,000 ron Purchases Shipping Terms FOB shipping point FOB destination FOB shipping point FOB shipping point 2,000+ 0. 4,000 P 12,000 24,000 28,000 40,000 2266 3,000 Required: 1. Determine the cash discount available. 2. Determine the cash remitted if the payment is made within the discount period
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