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Long Company purchased goods from Griffin with the following terms and details

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Long Company purchased goods from Griffin with the following terms and details.

Sales price, $7,000

Terms, (3/10, n/30)

Date of sale, March 7

Date of payment, March 19

Shipping, FOB Shipping Point, $245, prepaid by seller

Determine if Long, the buyer, qualifies for a cash discount, and who pays for shipping, Long or Griffin.

 

 

Does the buyer, Long, qualify for the discount?

Yes

 

No

 

 

Who pays for shipping?

Long, the buyer

 

Griffin, the seller