Practice Test --Page 5 # 7. 1. Purchased merchandise of $10000 on account from XYZ Co., terms 2/10, n/30. (Perpetual 2. Returned $1000 worth of defective merchandise to XYZ Co. for credit. (Perpetual) 3. Sold merchandise of $15000 on account to Sean Matthews, terms 2/10, n 30. The cost of the merchandise is $7500. 4. Paid transportation charges on merchandise purchased in No. 1, $100 (Perpetual) 5. Paid for merchandise from #1 above within the discount period. (Perpetual) 6. Sean Matthews returned $100 worth of merchandise; the original cost was $50. 7. Sean Matthews paid his bill within discount period. 8. Purchased merchandise, $6000, on accounts from Jack's Company, terms 3/10 net 30. (Periodic Inventory). 9. Returned $500 worth of merchandise to jack's Co. (Periodic) 10. Paid Jack's bill within discount period. (Periodic) Practice Test --Page 5 # 7. 1. Purchased merchandise of $10000 on account from XYZ Co., terms 2/10, n/30. (Perpetual 2. Returned $1000 worth of defective merchandise to XYZ Co. for credit. (Perpetual) 3. Sold merchandise of $15000 on account to Sean Matthews, terms 2/10, n 30. The cost of the merchandise is $7500. 4. Paid transportation charges on merchandise purchased in No. 1, $100 (Perpetual) 5. Paid for merchandise from #1 above within the discount period. (Perpetual) 6. Sean Matthews returned $100 worth of merchandise; the original cost was $50. 7. Sean Matthews paid his bill within discount period. 8. Purchased merchandise, $6000, on accounts from Jack's Company, terms 3/10 net 30. (Periodic Inventory). 9. Returned $500 worth of merchandise to jack's Co. (Periodic) 10. Paid Jack's bill within discount period. (Periodic)