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Question - James Company purchased goods with the following terms and details:Sales price, $13,000
Terms, 4/10, n/30
Date of sale, October 2
Date of payment, October 13
Returns and allowances (before payment), $800
Shipping, FOB Destination, $350, prepaid by seller
Required: Compute the amount that James Company has to pay to the seller for the goods.
Post to the stockholders' equity accounts. Prepare the paid-in capital section of stockholders' equity at December 31, 2006.
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