These are some questions from a study guide and iot would be very helpdful if I could get help on what to do or explain what it is i need to do, thank you

Chapter 5 multiple-choice. 6 questions. You may be asked about the following: 1. When recording the sale of merchandise using the net method, identify the components and amounts of the journal entries.

2. Calculate the discount allowed when the credit terms are 2/10, n/30.

3. What amount should be debited to inventory when there is a purchase with a trade discount and credit terms 2/10, n/30. HINT: Calculate the amount with both discounts taken.

4. Calculate the amount of cash that should be paid on a purchase when given the merchandise price, the amount of a return, and credit terms 1/10, n/eom.

5. Know the components of cash sales entries when sales tax is collected. Be able to calculate the amounts of each component.

6. Journalize the entry(ies) for a sale made on account, terms FOB shipping point, terms n/30, with the shipping prepaid by the seller.

7. Calculate the gross profit on a merchandise sale when given the selling price, credit terms 2/15 or 3/15, n/45, cost of the goods sold, and a return of some items. Remember gross profit is sales cost of goods sold. You will need to calculate COGS and the final sales price.

8. From Appendix 2. Calculate the cost of merchandise purchased under a periodic inventory system. See exhibit 20.

9. From Appendix 2. Calculate cost of goods sold for the year under a periodic inventory system