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Determine the amount to be paid within the discount period for purchase with an invoice pr

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.

Dec 06 2019 View more View Less

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