Question
98. On September 12, Ryan Company sold merchandise in the amount of $6,000 to Johnson Company, with credit terms of 2/10, n/30. The cost of
98. On September 12, Ryan Company sold merchandise in the amount of $6,000 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,100. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $520 and the cost of the merchandise returned is $360. The entry or entries that Ryan must make on September 14 is (are):
99. A buyer failed to take advantage of the vendor's credit terms of 3/10, n/45, but instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the equivalent annual interest lost on the amount of the purchase is:
100. On April 30, Victor Services had an Accounts Receivable balance of $32,300. During the month of May, total credits to Accounts Receivable were $67,600 from customer payments. The May 31 Accounts Receivable balance was $26,000. What was the amount of credit sales during May?
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