Q1. In this question, you need to provide an amount for each transaction. 1- A merchandising company purchases...

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Q1. A merchandising company purchases merchandise inventory $ 50,000 on credit, the credit terms are 2/10, n 30.

Transaction / Event	Account Titles and Explanations	Debit	Credit
		$	$
1.	Merchandise Inventory	50,000
	Accounts Payable		50,000
	To record issuance of invoice for purchase of merchandise inventory on account
2.	Accounts Payable	50,000
	Merchandise Inventory		1,000
	Cash		49,000

Accounts Payable:

Merchandise Inventory:

Q 3 :

Yazeed Merchandising Company Income Statement For the period ending December 31, 2018
	$	$
Sales	1,000,000
Less: Sales Returns and Allowances	50,000
Less: Sales Discount	20,000
Net Sales		930,000
Cost of Goods Sold		450,000
Gross Profit		480,000
Operating Expenses
Advertising Expense	100,000
Salaries Expense	100,000
Insurance Expense	10,000
Total Selling and Administrative Expenses		210,000
Net Operating Income		270,000

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