Giorgio Italian Market bought $11,100 worth of merchandise from Food Suppliers and signed a 120-day, 9% promissory note for the $11,100. Food Supplier's journal entry to record the sales transaction is:Multiple ChoiceDebit Notes Receivable $11,100; credit Sales $11,100.Debit Accounts Receivable $11,100; credit Sales $11,100.Debit Accounts Receivable $11,433; credit Sales $11,433.Debit Notes Receivable $11,100; debit Interest Receivable $333; credit Sales $11,433.Debit Notes Receivable $11,433; credit Sales $11,433.

Giorgio had cost of goods sold of $9,457 million, ending inventory of $2,125 million, and average inventory of $2,001 million. Its inventory turnover equals:Multiple Choice77.2 days.4.50.82.0 days.0.22.4.73.

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 applyOn January 1, Franz Co. accepted a 30-day, 6% note in the amount of $5,000 from Bria Co., a customer. On January 31, the due date of the note, Bria honors the note and pays in full. The journal entry that Franz would make to record payment of this note would include a:Multiple select question.debit to Cash for $5,025.debit to Interest Revenue for $25.credit to Note Receivable for $5,025.credit to Interest Revenue for $25.credit to Note Receivable for $5,000.

Jax Recording Studio purchased $7,900 in electronic components from Music World. Jax signed a 90-day, 8% promissory note for $7,900. Music World's journal entry to record the sales transaction is:Multiple ChoiceDebit Notes Receivable $7,900; debit Interest Receivable $158; credit Sales $8,058Debit Notes Receivable $7,900; credit Sales $7,900Debit Accounts Receivable $7,900; credit Sales $7,900Debit Accounts Receivable $8,058; credit Sales $8,058Debit Notes Receivable $8,058; credit Sales $8,058

Select all that applyX-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 Cash $1,400.Debit Accounts Receivable $1,400.Debit Sales Discounts $14.Credit Sales Discounts $14.Credit Cash $1,400.