Question
1. Jackson purchased $ 550 of goods and received credit terms of 5/15, n/30. How much did he pay if payment was made during the
1. Jackson purchased $ 550 of goods and received credit terms of 5/15, n/30. How much did he pay if payment was made during the discount period? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
A. $ 523
B. $ 550
C. $ 578
D. $ 468
2. Jemco bought goods for $ 340 on credit. Jemco returned $ 30 worth of goods. Terms of the sale were 3/10, n/30. If Jemco pays the amount owed within the discountperiod, what is the amount they should pay? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
A. $ 340
B. $ 301
C. $ 319
D. $ 310
3. On November 30, Janoch's Dog Kennel purchased $1,100 of merchandise on account from the Ganster Company. The goods were shipped F.O.B. shipping point. The freight charge of $80 was paid by Ganster Company and added to the invoice. The amount to record in the Purchases account is:
A. $1,010.
B. $1,180.
C. $1,100.
D. $1,020.
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