please show work and answers for all 7 questions. thank you!
What is the balance of the inventory account after the following transactions . Target purchases 500 cases of paper towels from Proctor and Gamble at $100 per caso on January tat with the credit forms 1/16, 1/30 and FOB shipping point Shipping expense for the paper towels was $250 which target paid in cash. Alter Target received the shipment of paper towels, 63 cases were water damaged. Target retumed these cases to Proctor and Gamble . Target paid the invoice on January 13th a $55,300 O b. $44.700 c. $50,000 d. $44.503 What amount, If any, does Target take on the purchase after the following transactions . Target purchases 500 cases of paper towels from Proctor and Gamble at $100 per case on January 1nt with the credit torms 1/16, 1/30 and FOB shipping point, Shipping expense for the paper towels was $250 which target paid in cash After Target received the shipment of paper towels, 63 canon were water damaged. Target returned these cases to Proctor and Gamble, Target paid the invoice on January 13th a $444.50 b.$44,700 c. Target doesn't get to take a discount d. $447 Payment or credit terms such as 2/30, nimean a Buyer has 45 days to pay the invoice in full from the voice date or can pay the invoice in 30 days and take a 2% discount of the invoice price b. Buyer has 30 days to pay the invoice in full from the nvolce date or can pay 2% of the invoice cost in 45 days. c Buyer must pay the invoice in 2 days from the invoice date to avoid a $30 late for of the invoice is paid after 2 days then the late fee is $45 d. None of the above Cost of goods sold: (check all that apply) a. Is an expenso b. Has a normal credit balance c. Is found on the income statement. d. Is recognized when a merchandiser purchases inventory Other torms for shipping costs to the buyer of merchandise are (check all that apply) a freight - in b.freight-out c transportation out d. transportation in When Proctor and Gamblo receives a check from Target after the following transactions, what is the correct journal entry that Proctor and Gamble would record . Target purchases 500 cases of paper towels from Proctor and Gamblo at $100 per case on January 16 with the credit torms 1/16, 1/30 and FOB shipping point Shipping expense for the paper towels was $250 which target paid in cash After Target received the shipment of paper towels, 53 cases were water damaged. Target returned these cases to Proctor and Gamble Target paid the invoice on January 13th a DR Accounts Receivable $44.700 CR Cash $44,700 b.DR Cash $55,550 CR Accounts Receivable $55,550 CDR Sales Discounts $447 DR Cash $44 253 Accounts Receivable $44,700 d. DR Inventory $50,000 CR Sales $50,000 CR Refer to the folowing data Sales: 300,000 Sales Discounts: 55,000 Inventory 1/1/2022 $1,300 Inventory 12/31/2022 5000 Purchases $75,000 Purchase alowance: 55.000 Freight-in: $16,000 Transportation-out $2.500 What is the cost of goods sold? a $86.400 $88.900 c$87,300 d. $88 200
