At what amount should Delilah record Purchases on October

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Reference no: EM132844473

Questions -

Q1) The following are the year-end balances in Sam's ledger:

Equipment, 22,000 Purchases, 16,000

Merchandise Inventory, 19,000

Sales, 43,000

Sam, Capital, 6,000

Unearned Sales, 8,000

How much is the total of debit column in Sam's trial balance?

a. 43,000

b. 63,000

c. 57,000

d. 114,000

Q2) On October 1, Awesome Company purchased 6,000 worth of merchandise on terms 2/10, n/30. Awesome paid freight of 500 and returned goods worth 1,000. If the company pays on October 10, how much was the cash payment?

a. 5,000

b. 4,500

c. 4,900

d. 4,410

Q3) Delilah Trading regularly buys its inventory from Mae Company and is allowed trade discount of 20% from the list price. Delilah made a purchase on October 5, and received an invoice with a list price of 45,000, a freight charge of 2,500, and payment terms of 2/10, net 30 days. Both companies use periodic inventory system. At what amount should Delilah record Purchases on October 5?

a. 47,500

b. 36,000

c. 45,000

d. 38,500

Reference no: EM132844473

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