1. Provide the entry to record the purchase on account of $12,000 of merchandise under the periodic method

2. Purchase merchandise for resale $4,000 terms 4/10, n/30 on account. How much would the payment be made for assuming that the buyer took advantage of the discount.

3. The physical inventory shows a balance of $20,000 and the perpetual balance shows $23,000. Record the shrinkage.