LO 6.3 A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer?Choose one answer from the options below.A. $19.50B. $630.50C. $650D. $195BackNext

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cost to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer.Multiple choice question.Debit Accounts Receivable $500 and credit Cash $500.Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150.Debit Sales Returns and Allowances $150; credit Accounts Receivable $150.Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.

The amount owing to suppliers for inventory purchases at the beginning of the year is $118,000 and at the end of the year is $94,000. If total credit purchases of inventory for the year are $160,000, the cash paid to suppliers of inventory for the year is:$184,000$254,000$66,000$278,000

Toy Company purchased merchandise, the invoice,P169,500 includes P9,000 for freight and terms 3/15, n/30.  Merchandise in the amount of P24,000 was returned, and the balance of the invoice was paid within the discount period.  How much cash was disbursed by Toy in full settlement of the account?*a. P169,500b. P140,920c. P145,000d. P14,000

A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:Multiple ChoiceDebit Merchandise Inventory $2,300; credit Cash $2,300.Debit Cash $2,300; credit Accounts Payable $2,300.Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.Debit Accounts Payable $3,200; credit Cash $3,200.Debit Accounts Payable $2,300; credit Cash $2,300.

A company makes a purchase of P 2,000 of inventory, subject to credit terms of 3/10 n/45 and returns P500 of inventory prior to payment. Freight of P400 is on terms FOB Destination Point, Prepaid. Determine the amount of the payment assuming payment is made within the discount period.