Please answer these questions and give an explanation as to the answer:

Question 1

On March 5, American Corp. provides services on account to National Corp. for $1,500, with terms 2/10, n/30. On March 13, American receives payment from National and records the following:

Question 2

At the end of the year, a company has two types of inventory with the following information:

Type	Units	Cost per Unit	Market per Unit
A	20	$6	$4
B	30	$7	$8

The year-end adjustment, if any, would include a:

Question 3

At the end of the year, Littleton reports the following receivables:

Due	Amount	Est. Uncollectible
Not yet due	$40,000	5%
Past due 1-30 days	$10,000	20%
Past due > 30 days	$4,000	50%

In addition, the balance of Allowance for Uncollectible Accounts (before any adjustment) is $500 debit. Calculate the necessary adjustment to the Allowance account.

Question 4

Timberline Co. generally provides services for $1,200, but offers a $200 discount to senior citizens. When providing a service on account to a senior citizen for $1,000, Timberline would record the following: