1. If the Ortiz Corporation purchases 100 washing machines from the Whirlpool Corporation FOB Shipping Point, who pays for the cost of shipping the machines from Whirlpool to Ortiz?

2. Rodriguez Company reported the following balances at November 30, 2019:

Gross Sales Revenue $16,000

Sales Returns and Allowances 600

Sales Discounts 300

Cost of Goods Sold 7,600

1. What are the net sales for the month?

2. What is the gross margin for the month?

3. Reid Supply sells backpacks and other school supplies. The company uses a perpetual inventory system. During June, the following transactions and events occurred:

June 4 Sold 70 backpacks at $25 each to Hunter Company, terms 2/10, n/30, F.O.B. Shipping Point.

June 6 Gave credit of $150 for the return of 6 backpacks purchased on Sept. 4 that were defective.

June 14 Received a check as payment in full from Hunter Company.

Instructions: Please write the journal entries for the June sales transactions for Reid Supply.