Three transactions for Sunland Gifts are presented here. On October 2, Sunland Gifts purchased $35,500 of...

 

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Three transactions for Sunland Gifts are presented here. On October 2, Sunland Gifts purchased $35,500 of merchandise from Sea Toys, terms 1/10, n/30. On October 6, Sunland Gifts returned $2,800 of the merchandise purchased on October 2. On October 12, Sunland Gifts paid the balance due to Sea Toys. a. How much cash is paid by Sunland Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) Oct. 6 Oct. 6 Accounts Payable Oct. 2 Bal. Inventory Oct. 2 Three transactions for Sunland Gifts are presented here. On October 2, Sunland Gifts purchased $35,500 of merchandise from Sea Toys, terms 1/10, n/30. On October 6, Sunland Gifts returned $2,800 of the merchandise purchased on October 2. On October 12, Sunland Gifts paid the balance due to Sea Toys. a. How much cash is paid by Sunland Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) Oct. 6 Oct. 6 Accounts Payable Oct. 2 Bal. Inventory Oct. 2

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Lets break down the transactions for Sunland Gifts and calculate the cash payment on October 12 to H... View the full answer