Journal Entry: 1 Bought paper amounted to $150,000. Settled by signing a 90-day, 6% note payable. 2 Outstanding receivable amounted to $360,000. The firm agreed to accept a 10%, 90-day note to settle the receivable amount. 3 800 watches were sold to Sports ABC for $97,500, terms 2/10, n/30, FOB shipping point. The shipping charge for the sales is amounted to $535. The shipment was made on December 13, 2016 and expected to reach Sport ABC in 3 calendar days. 4 Sold apparel and boots to Outdoor in cash at a list price of $366,000. Outdoor is offered a trade discount of 10% and a cash discount of 2% on this transaction, FOB shipping point with related freight charges being $6,450. Outdoor received the goods 4 working days after