sales returns and allowances and sales discounts are

EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20 EX5#14: Beck Retailer Inc. uses a perpetual inventory system. On November 30, Beck purchased $5,000 merchandise on account, terms 3/10, n/30 with delivery terms of FOB Shipping Point. Beck paid United Freight Company $200 cash for freight charges. The journal entry for freight charges requires a DEBIT to: A. Operating Expense for $200. B. Cash for $200. c. Freight-out for $200. D. Inventory for $200. 21 20 EX5#15- REI Company purchased goods on credit of $750 on June 13 with terms 2/10, n/30. REI receives a purchase allowance of $50 on June 16 for defective goods. Assuming REI pays the invoice on June 23 using a perpetual inventory system, what amount is credited to cash? A. $700 B. $735 c. $686 D. $750 22