The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: selling, administrative, or other? Prompt Advertising expense Answer Piedmont Company purchased merchandise on account from a supplier for $31000, terms 1/10,n/30. Piedmont Company retumed $7000 of the merchandise and received full credit.If Piedmont Company pays the invoice within the discount period, what is the amount of cash required for the payment? Question 6 Determine the amount to be paid in full settement of the invoice assuming that credit for returns and alfowances was received prior to payment and that all invoices were paid within the discount peniod. Merchandise Freight paid by seller Freight terms Returns and Allowances 660004000 FOB shipping point, 2110,Net3010000 Question 7 Deterimine the amount to be paid in full settiement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight paid by seller Freight terms Returns and Allowances 630008000 FO8 destination, 2/10, Net3021000