Note: I will check this hemework on. SundmiMonday next week. Question no. 1 (Homework) E5. 4:y tem. Apr. Porchased marchandise from Layla Company under the following terms: $4.600 price. 2 invoece dated Apeil 2, credit terms of 2/5, ts 10 , and FOH shapping poxint. 3 Paid 5300 for shipping charges on the Apeil 2 purchase. 4 Retursed to Layla Company unacceptable enerchandise that had an invoice price of 5000 . 17 Sent a check to Lay la Company for the April 2 purchase, net af the discount asd the feturncd therchandtse. 18 Purchased merchandise from H Awal Corp. under the following terms: 58 . 900 price, involce daied April 18, credit terms of 2/10,n/30, and FOOB destination. 21 After negotiations, received from El Awal a 51,100 allowance on the Aprill 18 purchave. 28 Sent check to HI Awal payiag for the April I8 purchase, net of the descount and allowance- Quetion no. 2 (Atomework) Q5.,1. Eater the letter for each tenti in the blank spaot beside the definition that it mos clovely mateleck. A. Saler diveneat B. Csedia periaxt C. Disceunt period D. FOE destination E. KOS shipping point 1. Girws predit G. Merthandiue inveniary 14. Puchase discount 1. Cash diweunt 1. Trade discount 1.Cioods a company owns and expects to sell to its cervometr. 2. Timse period that can pass before a customer's payment is due. 3.Seller's description of a cash discuunt granted to buyers an return for carly payment. 4.Reduction below list or catalog price that is negotiated in setting the price of goods. 5.Onwership of goods is transferned when the seller delivers goods to the carrier. 6. Purchaser's description of a cash discount received from a supplier of goods. 7.Reduction is a receivable of payahle if it is paid withia the divcoust period. 8.D5fference between net sales and the cost of goods wold. 9.Time period in which a cash discount is avalable. 10.Ohanershaip of goods is transferred when delivered to the buyer's place of business. Question no. 3 (Homework) Q55.7: Prepare joursal ensies to recced each of the following sales trasactions of a thenchandining company. Show woporting cakculatiots and aisume a perpetial inveritory syutem. Apr. 1 Sold merchandise for $3.000, granting the custormer ferms of 2/10, EOM; invoice dated April 1. The cost of the mcrchandise is $1,800. Apr. 4 The cuskomer in the April I sale returmed merehandise and received credit for $600. The merchandise, which had cost 5360 , is returned to inventoory. Apr.11 Received payment for the amocint due from the April I sale less the Icturn 0 Apual 4