Details of invoices for purchases of merchandise are as follows: Determine the amount to be paid in full settlement of each of the invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.

Full Settlement

This term refers to the complete payment or resolution of an outstanding debt, account, or contractual obligation.

Credit for Returns

Refunds issued to customers or credits applied against customer accounts for returned goods or services.

Discount Period

The timeframe in which a buyer can pay less than the full invoice amount due to taking advantage of a sales discount offered by the seller for early payment.