Business, 18.03.2021 01:50 kprincess16r

Purchased $16,000 of merchandise inventory on account, terms 2/10, n/30. The goods that were purchased in Event 1 were delivered FOB shipping point. Freight costs of $600 were paid in cash by the responsible party. Returned $500 of goods purchased in Event 1. (a) Recorded the cash discount on the goods purchased in Event 1. (b) Paid the balance due on the account payable within the discount period. (a) Recognized $21,000 of cash revenue from the sale of merchandise. (b) Recognized $15,000 of cost of goods sold. The merchandise in Event 5a was sold to customers FOB destination. Freight costs of $950 were paid in cash by the responsible party. Paid cash of $4,000 for selling and administrative expenses. Sold the land for $5,600 cash.

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Purchased $16,000 of merchandise inventory on account, terms 2/10, n/30. The goods that were purchas...

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