1) Barstow Corporation uses a perpetual inventory system. On May 1, Barstow purchased inventory on account for $12,600. The terms of the purchase were 2/15, n/30. Barstow returned $1,200 of inventory on May 4. Barstow paid the supplier the amount due on May 11. The appropriate entry on May 11 would be:

Select one:

a.

Accounts Payable	12,600
Cash		12,600

b.

Accounts Payable	12,600
Purchase Discounts		252
Cash		12,348

c.

Accounts Payable	12,600
Sales Discounts		252
Cash		12,348

d.

Accounts Payable	11,400
Purchase Discounts		228
Cash		11,172

2) Ruedez, Inc. retired a $600,000, 5% bond issue at 98. If the unamortized premium on that date were $22,600 the entry will include a:

Select one:

a. Debit to loss on bonds payable for $22,600

b. Credit to gain on retirement for $22,600

c. Debit to loss on bond retirement for $34,600

d. Credit to gain on bond retirement for $34,600

3) For the calendar year 2019, Sanchez Inc. had the following items that affected the accounts receivable account: $6,400,000 of credit sales, $240,000 in write-offs, and $8,000 of recoveries. The beginning and ending accounts receivable balances reported on the financial statements were $2,700,000 and $4,300,000, respectively. How much cash did Palmer Sanchez from credit customers in 2019?

Select one:

a. $7,768,000

b. $4,808,000

c. $4,568,000

d. $5,032,000