Solve for 5-5, 5-6, 5-7, 5-8

QS 5-6 Merchandise purchase transactions-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system. QS 5-7 Merchandise purchase: allowance-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system. Aug. 2 Purchased $14,000 of merchandise inventory; terms 1/5,n/15. Received a credit memo from the supplier confirming a $1,500 allowance regarding the August 2 purchase. Paid for the August 2 purchase, less the allowance. QS 5-8 Merchandise purchase: trade discount, return-perpetual LO3 Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Mar. 5 Purchased 500 units of product with a list price of $5 per unit. The purchaser was granted a trade discount of 20% and the terms of the sale were 2/10,n/60. 7 Returned 50 defective units from the March 5 purchase and received full credit. 15 Paid the amount due resulting from the March 5 purchase, less the retum on March 7 and applicable discount. QS 5-5 Purchase discounts-perpetual LO3 You are the accounts payable clerk at Liszt Music. The manager asks you to pay an invoice from the supplier Schumann Co. The date of purchase and the date of the invoice is October 15, 2020, for $5,000 of Taylor Swift and Beyonc Knowles sheet music. The payment terms are 3/15,n/30. a. What do the purchase terms mean? b. Calculate the discount amount available. c. If today is October 28,2020 , calculate the number of days from the date of purchase to the date of payment. Record the journal entry. d. If today is November 1,2020 , calculate the number of days from the date of purchase to the date of payment. Record the journal entry