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EX 6-4 Purchase-related transactions The Wheatland Com terms 1/10, n/ any purchased merchandise on account from a supplier for $30,000, OBJ.2 n/30. The Wheatland received full credit. a. What is the b. Under a perpetual inventory s Company returned $8,000 of the merchandise and amount of cash required for the payment within the discount period? Company to record the return? is credited by The Wheatland system, what account A retailer is considering the purchase of 500 units of a suppliers. Their offers are as follows: EX 6-5 Purchase-related transactions OBJ.2 of two Supplier One: $40 a unit, total of $20,000, 1/10, n/50, no charge for freight Supplier Two: $39 a unit, total of $19.500, 2/10, n/50, plus freight of $500. Which of the two offers, Supplier One or Supplier Two, yields the lower price? EX 6-6 Purchase-related transactions OBJ. 2 The debits and credits for four related entries for a purchase of $40,000, terms 2/10, n/30, are presented in the following T accounts. Describe each transaction. Accounts Payable 39,200 450 34,300 ,900 (1) 34,300 Merchandise Inventory 39,200 (3) 4,900 450 EX 6-7 Purchase-related transactions OBu. 2 , cr $64,680 Warwick's Co, a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Journalize Warwick's entries to record (a) the purchase, (b) the merchandise return, and () the payment. OBJ. 2 Purchase-related transactions EX 6-8 Journalize e a. Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30 b. Paid the amount owed on the invoice within the discount period. c. Discovered that $18,000 of the merchandise purchased in (a) was defective and re- ntries for the following related transactions of Manville Heating & Air Company: dr. $7,640 turned items, receiving credit for $17,640 [$18,000-($18,000 x 2%). d. Purchased $10,000 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c) less the purchase in (d). EX 6-9 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost OBJ. 2 of the merchandise sold was $1,250,000. (Continued)