Part 1. Perform the following exercises of different transactions where purchases, discounts and returns are made.

1.Librera Nuevo Amanecer sold 600 books on credit at $20.00 each with a sales term of 2/10 n/30. The cost of books sold is $8,500. After selling the books, the customer returned 50 books because they were damaged. The customer then paid the balance due on the fifth day of purchasing the books. It wages the sale, return and payment made by the customer. Indicate what is the gross profit obtained by Librera Nuevo Amanecer for this sale.

2. Computers and More offers discounts to its customers and allows the customer to return the product if they are not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned items. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.

3. Princess Jewelry purchased inventory for $7,000 on credit to Wholesale Jewelry on Feb. 2. The sales term he was offered was 3/10 n/30. When they received the merchandise there were some broken pieces for a total value of $ 800.00, which they returned to Wholesale Jewelry. On February 8, Princess Jewelry paid the balance owed. Jornaliza the purchase, the return and the payment made.

Part 2. Wage the following purchases, sales and returns entries.

Ferretera Amigos made the following transactions during the month of March:

Fecha (marzo)	Transaccin
2	$12,000 in inventory was purchased on credit with a term of 2/13 n/30 and FOB shipping point.
4	$400 worth of merchandise was returned from the purchase made on March 2 because it was defective.
6	Shipping was paid for the purchase of inventory purchased on March 2.
11	Inventory was sold on credit to a customer for $5,000 with a sales term of 2/10 n/30.
12	The debt for the purchase of March 2 was paid.
15	An allowance was offered to the customer on the March 11 purchase.
20	The customer who made the purchase on the 11th paid in full with the corresponding discounts.