Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below.Multiple select question.Credit Accounts Payable $350.Credit Cash $392.Credit Cash $343.Credit Merchandise Inventory $7.Debit Merchandise Inventory $7.Credit Purchase Discounts $7.Debit Accounts Payable $350.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $1,400.Debit Accounts Receivable $1,400.Debit Sales Discounts $14.Debit Cash $1,400.Credit Cash $1,400.Credit Sales Discounts $14.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below.Multiple select question.Credit Merchandise Inventory $500.Debit Merchandise Inventory $500.Credit Cost of Goods Sold $500.Credit Cash $7,000.Debit Cash $7,000.Credit Sales $7,000.Debit Cost of Goods Sold $500.Debit Sales $7,000.

Multiple Select QuestionSelect all that applyX-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $400 of merchandise on account with terms of 2/15, n/40. On May 3, its customer returned $50 of merchandise due to defect. On May 11, its customer paid the remaining balance due. Demonstrate the required journal entry to record the receipt of payment by selecting all of the correct actions below.Multiple select question.Debit Sales Discounts $7.Debit Cash $392.Debit Sales Discounts $8.Debit Cash $343.Credit Accounts Payable $350.Credit Accounts Receivable $400.Credit Accounts Receivable $350.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. A customer who purchased merchandise on account requested an allowance on a merchandise purchase due to its poor quality, but he did not return the goods back to X-Mart. Assuming that X-mart gives an allowance of $50 on the merchandise, demonstrate the required journal entry on X-Mart's books to record the allowance by selecting all of the correct actions below.Multiple select question.Debit Merchandise Inventory $50.Credit Merchandise Inventory $50.Credit Cash $50.Debit Cost of Goods Sold $50.Credit Cost of Goods Sold $50.Credit Accounts Receivable $50.Credit Sales Returns and Allowances $50.Debit Sales Returns and Allowances $50.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system.Multiple choice question.Debit Merchandise Inventory $300 and credit Sales $300.Debit Purchases $300 and credit Accounts Payable $300.Credit Merchandise Inventory $300 and debit Accounts Payable $300.Debit Merchandise Inventory $300 and credit Accounts Payable $300.