Accounting essay completed. Please select only ONE of the 3 essays to pick. No minimum wording as long as its correct and can be explained in a essay formate. SELECT ONLY ONE.
No guessing, I need correct answer.
1) Determine the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30. Explain how you reached your answer.
$ ________
2) Nicki's Pet Supply needs to estimate its ending inventory. Using the data below, compute Nicki's estimated cost of ending inventory for the month of April. Explain how you reached your answer.
Beginning inventory April 1 $2,000 Purchases for April $12,000 Retail sales during April $13,000 Normal gross profit average 40%
3) Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts payable
[6] Sales
[7] Sales returns and allowances
[8] Sales discounts
[9] Cost of goods sold
[10] Purchases
[11] Purchase returns and allowances [12] Purchase discounts
[13] Purchase discounts
[14] Freight in
[15] Freight expense
Indicate the account(s) to be debited and credited to record the following transactions. Explain how you reached your answer.
Sold merchandise for cash. - Periodic
Debit ______ & ______ Credit ______ & ______