Reference no: EM132229588
Questions -
Q1) Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
Alpha Company purchased on account $2,700 of merchandise from Bravo Company on May 2, 2016.
Alpha Company returned, to Bravo Company, $200 of this merchandise on May 3, 2016.
Freight charges related to this transaction of $150 were paid by Bravo Company.
Use this information to prepare a Alpha Company's General Journal entry (without explanation) for the payment for merchandise on May 15. If no entry is required then write "No Entry Required."
Q2) The expression 3/20, n/60 means:
A. a 15% discount (3 divided by 20) is available if the invoice is paid within 60 days.
B. the invoice is paid in 3 to 20 days; otherwise interest for 60 days will be charged.
C. if the 3% discount is not taken, the net amount is due within 60 days.
D. a 3% discount is available if the invoice is paid within 20 to 60 days.
Q3) Bravo Company had beginning inventory of $75,000, purchased merchandise during the period for $200,000, and had ending inventory of $16,000. How much was cost of goods sold?
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