Question 2: (CLO1,2,5) 1. Sold merchandise to customers who used MasterCard cards, $96,000. the cost of merchandise sold was $57,000. 2. Sold merchandise on account to Loeb Co, $16,000, terms FOB shipping point 1/10, n/30. The cost of merchandise sold was $9,000. 3. Issued credit memo for $3000 to Loeb Co .for merchandise returned from sale on (2). The cost of merchandise returned was $1800. 4. Sold merchandise to account to Jennings Co.$11,350, terms FOB shipping point,2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800. 5. Received check for amount due from Loeb Co,for sale on (2) less credit memo of (3). 6. Paid $41,260 to state sales tax division for taxes owed on sales.

1. Sold merchandise to customers who used MasterCard cards, $96,000. the cost of merchandise sold was $57,000. 2. Sold merchandise on account to Loeb C0,$16,000, terms FOB shipping point 1/10,n/30. The cost of merchandise sold was $9,000. 3. Issued credit memo for $3000 to Loeb Co for merchandise returned from sale on (2). The cost of merchandise returned was $1800. 4. Sold merchandise to account to Jennings Co. $11,350, terms FOB shipping point , 2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800. 5. Received check for amount due from Loeb Co, for sale on (2) less credit memo of (3). 6. Paid $41,260 to state sales tax division for taxes owed on sales