1. On July 9, Soheb Company sells goods on credit to Waker Company for $5,000, terms 1/10, n/60. Soheb receives payment on July 18. Pass journal entry in the books of Soheb on July 18. [Mark: 1] 2. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24? Show calculation. [Mark: 1] 3. Paden Company purchased merchandise from Emmett Company with freight terms of FOB shipping point. Who will pay the freight costs? [Mark: 1] 4. Glenn Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period? [Mark: 1] 5. A company collected an amount of $1,500 account after the 2 percent discount period. What will be the entry in the books of A Company? [Mark: 1] 6. ABC Company's financial information is presented below. Sales Revenue $ ???? Cost of Goods Sold 540,000 Sales Returns and Allowances 40,000 Gross Profit ???? Net Sales 900,000 Calculate the missing figures. [Mark: 1] 7. A company shows the following balances: Sales Revenue $2,500,000 Sales Returns and Allowances 450,000 Sales Discounts 50,000 Cost of Goods Sold 1,400,000 What is the gross profit percentage? Show computation. [Mark: 1]