12. A company purchased $1,500 of merchandise on credit with terms 3/15, n/30. How much will be debited to Accounts Payable if the company pays $485 cash on this account within ten days? A. $485; B. $500; C. $435; D. $470.45

13. A corporation uses a FIFO perpetual inventory system. During August, it had the following transactions:

August 1, Beginning inventory of 8 units @ $11 per unit August 2, 25 units were purchased at $12 per unit.

August 15, 12 units were sold at $25 per unit. August 18, 15 units were purchased at $14 per unit.

August 20. 18 units were sold at $25 per unit

August 28. 14 units were sold at $26 per unit

What was the amount of the ending inventory, and the cost of sales for the month of August?

14. A company established a petty cash fund in March 1 of the current year and experienced the following transactions affecting the fund during the month:

Mar.1 Established a $300 petty cash fund.

5 Paid $45 to acquire break-room supplies

8 Re-imbursed a company employee for $35 spent on transportation to a meeting.

16 Paid $30 for stationery purchase and $23 for postage.

22 Paid freight of $29 for inventory purchase, FOB shipping, under a perpetual inventory system.

25 Cleaning expense $45

30 Paid emergency vehicle repairs cost of $63

31 Balance of cash in hand is $22 Required: Prepare the journal entry to reimburse the fund on March 31..