You sell $5 million dollars' worth of delivery trucks to Walmart on account and offer them a 2% discount if they pay within 15 days, with the invoice due after 45 days (2/15, n/45). Unfortunately, Walmart returns all of the trucks after one week because they discover that the model you sold them is not approved for use in California. Which of the following is part of the correct journal entry to make at the time that Walmart returns the trucks? O DEBIT to Sales Returns of $5 million O CREDIT to Sales Discount of $100,000 O CREDIT to Accounts Receivable of $4.9 million O CREDIT to Sales Revenue of $5 million

Please answer 1,2,3,4.it would be a great help. upvote confirm

Posting third time... Please do it correctly. Thank you

Bill Norman comes to you for advice. He just purchased a large amount of inventory with the terms 2/10, n/30. The amount of the invoice is $310,000. He is currently short of cash nut has a decent credit. He can borrow te  money from needed to settle the account payable at an annual interest rate of 7 %. Bill is sure he will have the necessary cash by the due date of the invoice but not by the last day of the discount period.  a. Convert the dscount rate into an annual interest rate (Use 365 days a year. Do not round intermediate calculations. Round you answer to 2 decimal places.). b. Make a recommendation regarding whether Bill should borrow the money and pay off the account payable within the discount period.

Cullumber Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12% and the average collection period is 72 days. The company follows IFRS. On August 8, 2020, Cullumber shipped books invoiced at $28,000,000 (cost $22,000,000). Prepare the journal entry to record this transaction, including the expected returns. Cullumber follows ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date August 8, 2020 August 8, 2020 August 8, 2020 Account Titles and Explanation (To record sale on account) (To…

Freesure Company manufactures and sells commercial refrigerators. It is currently running a promotion in which it pays a $500 rebate to any customer that purchases a refrigeration unit from one of its participating dealers. The rebate must be returned within 90 days of purchase. Given its historical experience and the ease of obtaining a rebate, Freesure expects all qualifying customers to receive the rebate. Required: Prepare the journal entry to record the sale of a refrigerator to a participating dealer for $6,000.