Please see attached questions 62-69 (answers are already provided) I just need help with explanations. Can someone please work through them and explain for me?

Table 7-2

The Clark Company had the following transactions occur during May 20X4.

May 2 Inventory was purchased on account for $8,000, terms 2/10,

n/30.

May 3 Inventory costing $500 was returned.

May 9 Clark Company paid for the inventory.

May 15 Inventory costing $3,600 was sold on account for $4,800, terms

3/10, n/45.

May 31 Closing entries are prepared for the month-end financial

statements.

62. Referring to Table 7-2, if Clark Company were using the perpetual inventory system, what is the journal entry for May 2?

a. Inventory 8,000

Accounts Payable 8,000

b. Purchases

7,840

Accounts Payable 7,840

c. Purchases 8,000

Accounts Payable 8,000

d. Inventory 7,840

Cash Discounts on Purchases 160

Accounts Payable 8,000

e. Purchases 7,840

Cash Discounts on Purchases 160

Accounts Payable 8,000

L.O.: 3 Type: Moderate Solution: a

63. Referring to Table 7-2, if Clark Company were using the periodic inventory system, what is the journal entry for May 2?

a. Inventory 7,840

Accounts Payable 7,840

b. Inventory 8,000

Accounts Payable 8,000

c. Purchases 8,000

Accounts Payable 8,000

d. Inventory 7,840

Cash Discounts on Purchases 160

Accounts Payable 8,000

e. Purchases 7,840

Cash Discounts on Purchases 160

Accounts Payable 8,000

L.O.: 3 Type: Moderate Solution: c

64. Referring to Table 7-2, if Clark Company were using the perpetual inventory system, what is the journal entry for May 3?

a. Accounts Payable 500

Inventory 500

b. Accounts Payable 500

Purchases 500

c. Accounts Payable 500

Purchase Returns and

Allowances 500

d. Accounts Payable 500

Cash Discounts on Purchases 10

Inventory 490

e. Accounts Payable 500

Cash Discounts on Purchases 10

Purchases 490

L.O.: 3 Type: Moderate Solution: a

65. Referring to Table 7-2, if Clark Company were using the periodic inventory system, what is the journal entry on May 3?

a. Accounts Payable 500

Inventory 500

b. Accounts Payable 500

Purchases 500

c. Accounts Payable 500

Purchase Returns and Allowances 500

d. Accounts Payable 500

Cash Discounts on Purchases 10

Inventory 490

e. Accounts Payable 500

Cash Discounts on Purchases 10

Purchases 490

L.O.: 3 Type: Moderate Solution: c

66. Referring to Table 7-2, if Clark Company were using the perpetual inventory system, what is the journal entry for May 9?

a. Accounts Payable 7,500

Inventory 160

Cash 7,340

b. Accounts Payable 7,500

Inventory 150

Cash 7,350

c. Accounts Payable 8,000

Inventory 160

Cash 7,840

d. Accounts Payable 7,500

Cash Discounts on Purchases 160

Cash 7,340

e. Accounts Payable 7,500

Cash Discounts on Purchases 150

Cash 7,350

L.O.: 3 Type: Moderate Solution: b

67. Referring to Table 7-2, if Clark Company were using the periodic inventory system, what is the journal entry for May 9?

a. Accounts Payable 7,500

Inventory 160

Cash 7,340

b. Accounts Payable 7,500

Inventory 150

Cash 7,350

c. Accounts Payable 8,000

Inventory 160

Cash 7,840

d. Accounts Payable 7,500

Cash Discounts on Purchases 160

Cash 7,340

e. Accounts Payable 7,500

Cash Discounts on Purchases 150

Cash 7,350

L.O.: 3 Type: Moderate Solution: e

68. Referring to Table 7-2, if Clark Company were using a perpetual inventory system, what is the journal entry for May 15?

a. Accounts Receivable 4,800

Sales 4,800

b. Accounts Receivable 4,800

Sales 4,800

Cost of Goods Sold 3,492

Cash Discounts on Sales 108

Inventory 3,600

c. Accounts Receivable 4,800

Sales 4,800

Cost of Goods Sold 3,600

Inventory 3,600

d. Accounts Receivable 4,656

Cash Discount on Sales 144

Sales 4,800

e. Accounts Receivable 4,656

Cash Discount on Sales 144

Sales 4,800

Cost of Goods Sold 3,600

Inventory 3,600

L.O.: 3 Type: Moderate Solution: c

69. Referring to Table 7-2, if Clark Company were using a periodic inventory system, what is the journal entry on May 15?

a. Accounts Receivable 4,800

Sales 4,800

b. Accounts Receivable 4,800

Sales 4,800

Cost of Goods Sold 3,492

Cash Discounts on Sales 108

Inventory 3,600

c. Accounts Receivable 4,800

Sales 4,800

Cost of Goods Sold 3,600

Inventory 3,600

d. Accounts Receivable 4,656

Cash Discount on Sales 144

Sales 4,800

e. Accounts Receivable 4,656

Cash Discount on Sales 144

Sales 4,800

Cost of Goods Sold 3,600

Inventory 3,600

L.O.: 3 Type: Moderate Solution: a