Question: 1. What is the last payment date a on which the cash discount can be taken on goods sold on April 5 for $51,200; terms

1. What is the last payment date a on which the cash discount can be taken on goods sold on April

5 for $51,200; terms 3/10/EOM, n/60? Assume that the bill is paid on this date and prepare the

correct entries on both the buyers and sellers books to record the payment.

2. Sally Corporation purchased $56,000 of merchandise from Lucifer Corporation on account.

Before paying its account, Sally returned damaged merchandise with an invoice price of

$11,680. Assuming use of periodic inventory procedure, prepare entries on both companies

books to record both the purchase/ sale and the return.

1. What is the last payment date a on which the

cash discount can be taken on goods sold on April 5 for

1 Date Account Titles and Explanation P.R. Debit Credit N 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 P.R. Debit Credit Date Account Titles and Explanation 3 10 11 2 13 14 115 116 117 18 min 00

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