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Sale of Merchandising QS question...

Sale of Merchandising

QS $5-9$Sale of merchandise: trade discountperpetual LO$3$

As a co$-$op student, you are working as an accounts receivable clerk at Asian Foods. The controller asks you to record a customer payment from Liu and Li Co$.$ The sales invoice is dated October $1,2017$ for $$3,000$ of tea and tapioca pearls. The payment terms are $\frac{4}{20},\frac{n}{60}.$

a$.$ Determine the beginning and end date of the discount period.

b$.$ Calculate the discount amount available.

c$.$ If today is October $20,$ record the journal entry.

d$.$ If today is October $23,$ record the journal entry.

QS $5-10$Sale of merchandise transactionsperpetual LO$3$

Journalize each of the following transactions assuming a perpetual inventory system.QS $5-11$Sale of merchandise: allowance$-$perpetual LO$3$ Journalize each of the following transactions assuming a perpetual inventory system.Oct. $15$ Sold merchandise to Lesille Garth for $$900($cost of sales $$600)$; terms $1//5,$n$//20\mathrm{.}16$ Issued a $$100$ credit memo to Leslle Garth regarding an allowance on the October $15$ sale$\mathrm{.}25$ Collected the amount owing regarding the October $15$ sale to Lestle Garth, less the allowance granted on October $16.$

QS $5-12$Sale of merchandise: return$-$perpetual LO$3$

Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system$\mathrm{.}4$ The customer in the Aprll $1$ sale retumed merchandise and received credit for $$500.$ The merchandise, which had cost $$350,$ was returned to irventory$\mathrm{.}11$ Recelved payment for the amount due resulting from the Aprill $1$ sale. less the return and applicable discount. on Aprill $4.$

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