Determine the amount to be paid within the discount period for purchase with an invoice price of $7,000, subject to credit terms of 2/10, n/30.
31) Determine the amount to be paid within the discount period for purchase with an invoice price of $3,000 and credit terms of 2/10, n/30 when $500 has already been returned for credit.
32) Determine the amount of credit to be earned on a full return of merchandise purchased with an invoice price of $4,000 and credit terms of 2/10, n/30 when full payment was made within the discount period.
33) Determine the amount to be paid to the vendor within the discount period for purchase with an invoice price of $2,500 and credit terms of 2/10, n/30 when $700 has already been returned for credit. The goods were purchased with freight terms of F.O.B shipping point and freight of $50 was included on the invoice.
34) On June 15, Paradise Park purchased merchandise for the race track. The invoice was for $4,500, terms 2/10, n/30. On June 20, Paradise Park returned $200 of merchandise for credit. On June 25, it paid the amount owed. Fill in the blanks below.
a) The debit to Purchases on June 15 is ________________.
b) The credit to Accounts Payable on June 15 is ________________.
c) The credit to Purchases Returns and Allowances on June 20 is ________________.
d) The credit to Cash on June 25 is ________________.
e) The credit to Purchases Discount on June 25 is ________________.
Journalize the following transactions. All purchases are subject to terms of 2/10, n/30. The periodic inventory method is used.
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