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please answer and explain jn detail Question 13 (5 points) On 3/1/20, the Larson Company, a large retailer, purchases merchandise from a supplier for $40,000,
please answer and explain jn detail Question 13 (5 points) On 3/1/20, the Larson Company, a large retailer, purchases merchandise from a supplier for $40,000, delivered the same day. At the time the merchandise is purchased, Larson has not found a customer for it yet, and its managers cannot be 100% sure they ever will. Larson pays 10% of the purchase price on the day of delivery. The remaining portion of the purchase price is paid on 4/30/20. On 5/15/20, a customer buys and receives from Larson half of the merchandise that Larson bought on 3/1/20. The customer agrees to pay $45,000 in total: half paid on 5/15/20, half paid three months later on 8/15/20. On 3/1/20, Larson debits an income statement account for... $4,000 $36,000 $40,000 No income statement account is debited on 3/1/20
please answer and explain jn detail
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