On April 23, 2022, Protanica Company, a florist, purchased $112,000 of merchandise, terms were 3/15,...

 

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On April 23, 2022, Protanica Company, a florist, purchased $112,000 of ▸ merchandise, terms were 3/15, n/45 from Botail Garden Center. Protanica returned $7,500 of damaged merchandise to Botail, which had a cost of $4,000. Protanica remitted to Botail the amount due less the discount as they paid within the discount period. Discuss the following: 1. What is the final date of the discount period? 2. What is the entry(ies) Protanica (buyer) would have made when they first made their purchase (show the entry to record the amounts including the names of the debit and credit accounts)? 3. What is the entry(ies) Botail (seller) would have made when Protanica returned the damaged merchandise (show the entry to record the amounts including the names of the debit and credit accounts)? 4. What is the amount that Protanica would have remitted to Botail for their purchase (show the entry to record this payment made by Protanica)? On April 23, 2022, Protanica Company, a florist, purchased $112,000 of ▸ merchandise, terms were 3/15, n/45 from Botail Garden Center. Protanica returned $7,500 of damaged merchandise to Botail, which had a cost of $4,000. Protanica remitted to Botail the amount due less the discount as they paid within the discount period. Discuss the following: 1. What is the final date of the discount period? 2. What is the entry(ies) Protanica (buyer) would have made when they first made their purchase (show the entry to record the amounts including the names of the debit and credit accounts)? 3. What is the entry(ies) Botail (seller) would have made when Protanica returned the damaged merchandise (show the entry to record the amounts including the names of the debit and credit accounts)? 4. What is the amount that Protanica would have remitted to Botail for their purchase (show the entry to record this payment made by Protanica)?

Answer rating: 100% (QA)

Answer 1 Final date of discount period Date of purchase discount period Final date of discount perio... View the full answer