QS $5-9$ Sale of merchandise: trade discount$--$perpetual LO$3$

As a co$-$op student, you are working as an accounts receivable clerk it sisian Foods. The controller asks

you to record a customer payment from Liu and Li Co$.$ The sales muplee is dated October $1,2017$ for

$$3,000$ of tea and tapioca pearls. The payment terms are $\frac{4}{20},\frac{}{60}.$

a$.$ Determine the beginning and end date of the discount period.

b$.$ Calculate the discount amount available.

c$.$ If today is October $20,$ record the journal entry.

d$.$ If today is October $23,$ record the journal entry.