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On September 12, Ryan Company sold merchandise in the amount of $9,800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $6,000. Johnson uses theperiodicinventory system and the net method of accounting for purchases. The journal entry that Johnson will make on September 12 is:

Multiple Choice

1. Purchases 9,506Accounts payable9,506
2. Merchandise inventory 6,000Accounts payable6,000
3. Accounts payable 9,800Merchandise inventory9,800
4. Merchandise inventory 9,506Accounts payable9,506
5. Purchases 9,800Accounts payable9,800

A company purchased $10,800 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $900, was added to the invoice amount. On June 20, it returned $1,440 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:

Multiple Choice

1. $11,240.
2. $9,224.
3. $11,340.
4. $11,700.
5. $9,979.

A buyer of $8,100 in merchandise inventory failed to take advantage of the vendor's credit terms of 3/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:

Multiple Choice

1. $1,215.
2. $810.
3. $100.
4. $81.
5. $243.