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Unformatted text preview: Credit terms are 2/10/net 30, FOB destination. The freight charge is $300. 14 Yancey receives The Big Green Book returned by Billiris, $85,000. The cost of the merchandise to Yancey was $42,500. 16 Yancey sold to Billiris merchandise with a list price of $40,000. The cost of the goods to Yancey was $20,000. A 20% trade discount applies. Credit terms are 2/10/net 30, FOB shipping point. The freight charge is $150. 18 Billiris returns $2,000 of merchandise from the order of October 16. The cost of the merchandise to Yancey was $1,000. 24 Yancey receives payment from Billiris for the order of October 16....
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- Spring '11
- Financial Accounting