Cullumber Co. purchased $ 50,000 of inventory on July 1, 2017, subject to a trade discount of 8% and with credit terms of 4/10, n/30. Bolt paid the invoice on July 10

Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.     2014   Apr. 20   Purchased $36,500 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses the perpetual inventory system. May 19   Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $1,500 in cash. July 8   Borrowed $51,000 cash from National Bank by signing a 120-day, 12% interest-bearing note with a face value of $51,000. _?_   Paid the amount due on the note to Locust at the maturity date. _?_ Paid the amount due on the note to National Bank at the maturity date. Nov. 28   Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $27,000. Dec. 31   Recorded an adjusting entry for accrued interest on the note to Fargo Bank.     2015 _? Paid the amount due on the note to Fargo Bank at the maturity date.…

Quimby Sports Authority purchased inventory costing $30,000 by signing a 6% short-term, one-year note payable. The purchase occurred on July 31, 2021. Quimby pays annual interest each year on July 31. Read the requirements. First, journalize the company's (a) purchase of inventory. (Record debits first, then credits Exclude explanations from journal entries.) Journal Entry Jul Date 2021 31 Accounts Print Debit Requirements Joutnalize the company's (a) purchase of inventory; (b) accrual of interest expense on April 30, 2022, which is the company's fiscal year-end; and (c) payment of the note plus interest on July 31, 2022. (Round your answers to the nearest whole number) (d) Show what the company would report for liabilities on its balance sheet at April 30, 2022, and on its income statement for the year ended on that date Done - X Credit Clear all Check answer

Stub stubby consigned $3,000,000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10% . The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor

Morton Company uses a perpetual inventory system. On December 1, 2019, the company purchased inventory on account for $9,000. The credit terms are 2/10, n/30. If Morton pays the bill on Decermber 29, 2019, what amount of discount will be taken?