1. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, n/30. 1The terms of 3/10, n/30 means that Lakeside Restaurant will have to pay full price if payment is not made:

2. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, n/30. The terms of 3/10, n/30 means that Lakeside Restaurant may take a ___ discount of the invoice if the invoice is paid within the discount period

3. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, n/30. Using the GROSS method of recording purchases, complete the following: When recording the purchase of the inventory on Feb 3, the amount of the inventory is: Inventory $?

Accounts Payable

4. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, n/30. Using the GROSS method of recording purchases, complete the following: When recording the payment of the invoice within the discount period, the amount of the Purchase Discounts is:

Accounts Payable

Cash

Purchase Discounts $?

5. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, n/30. Using the GROSS method of recording purchases, complete the following: When recording the payment of the invoice after the discount period, the amount of Accounts Payable is:

Accounts Payable $?

Cash