Question: Problem # 3: Examine the invoice below. If Dino's After School paid the invoice of 5/30/17 on 6/6/17, record the journal entry that would be

Problem # 3: Examine the invoice below. If Dino's After School paid the invoice of 5/30/17 on 6/6/17, record the journal entry that would be made for the payment of the invoice. Explain in 100-150 words the effect of discounts on merchandise inventory.

Invoice	Date: 5/30/17
	Terms: 2/10, n/30
Purchase of 25 textbooks at $11. 25 each	$281.25
Shipping and Handling	$12.50
Total Due:	$293.75

Problem # 4: Dino's After School sold 3 books to Sandy Mason on account for a total of $60. The total cost of the books sold was $34. Record the journal entries that would be made for this transaction using a perpetual inventory system. Why are two journal entries required to record the sale of merchandise in a perpetual inventory system?

Problem #5: Use the information from (D) above. Sandy Mason returned 1 book. Record the journal entries for this transaction in a perpetual inventory system. Explain why two journal entries are required to record a sales return.

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