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I need help please. 16. A company engaged in the following transactions: July 5, 2019 purchased $1,800 ofmerchandise on with terms 2110, n80 July 7,

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16. A company engaged in the following transactions: July 5, 2019 purchased $1,800 ofmerchandise on with terms 2110, n80 July 7, 2019 it returned $200 worth of merchandise July 8, 2019 it paid the full amount due. The amount of the cash paid on July 8,2019 Should be: a. $200. b. $1,564. c. $1,568. (1. $1,600. e. $1,800. 11'. A company purchased $1,800 of merchandise on July 5 with terms 2! 10, nr'30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on Jul 7 is: a. Dibit Merchandise Inventory $1,600; credit Cash $1,600. b. Debit Merchandise Inventory $200; credit Accounts Payable $200. c. Debit Merchandise Inventory $200; credit Sales Returns $200. d Debit Accounts Payable $200; credit Merchandise Inventory $200. e Debit Accounts Payable $1,800; credit Purchase Returns $200; credit Merchandise Inventory $1 ,600. 18. Sales less sales discounts, less sales returns and allowances equals: a. Net purchases. b. Cost of goods sold. c. Net sales. {1. Gross prot. e. Net income. 19. On May 1, ABC Company sold merchandise in the amount of $5,800 to BBB Corp., with credit terms of 2!] 0, n80. The cost of the items sold is $4,000. ABC Company uses the perpetual inventory system and the gross method. Using the T-account template below, prepare the entry to recognize the sale of merchandise. ASSETS = LIABILITIES + EQUITY Non-current Assets Property, Non- Plant & Intangible Current Current Current Equipmen Investment Assets:F Liabilitie Liabilitie Contribute Earned Accumulate Assets t 5 Other s s d Capital Capital d OCI

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