I only need the 2b question. Thanks! Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each recelvableand payable; for example, record the purchase July 1 In Accounts Payable-Jones Company. Do the analysis component.July 1 Purchased merchandise from Jones Company for $14,800 under credit terms of 1/15, n/30,FOB factory.2 Sold merchandise to Terra Co. for $2,60e under credit terms of 2/10, n/68, FOB shippingpoint. The merchandise had cost $1,950.3 Paid $450 for freight charges on the purchase of July 1.8 Sold merchandise that cost $3,825 for $5,100 cash.9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOBdestination.12 Received a $1,500 credit memo acknoOwledging the return of merchandise purchased on July9.12 Received the balance due from Terra Co. for the credit sale dated July 2.13 Purchased office supplies from Eastco on credit, $960, n/30.16 Paid the balance due to Jones Company.19 Sold merchandise that cost $2,858 to Urban Co. for $3,800 under credit terms of 2/15,n/68, FOB shipping point.21 Issued a $300 credit memo to Urban Co. for an allowance on goods sold on July 19.22 Received a debit memo from Urban Co. for an error that overstated the total invoice by$200.29 Paid Keene Co. the balance due.30 Received the balance due from Urban Co. for the credit sale dated July 19.31 Sold merchandise that cost $7,500 to Terra Co. for $18,e00 under credit terms of 2/1e,n/60, FOB shipping point.Prepare General Journal entries to record the above transactlons.10July 13Office supplies960Accounts payable-East Co.96011July 16Accounts payable-Jones Co.14,800Sales discounts148Cash14,652 Analysls Component:As the senior purchaser for Belton Company, you are concemed that the purchase discounts you have negotlated are not being takenadvantage of by the accounts payable department.Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% Interest rate. (Do not round intermedlatecalculetlons. Round your final answer to 2 decimal places. Assume 365 deys e year.)Cost of the lost discount

Purchase discounts: The amount of discount which is received on the purchase of goods in case the…

Analysis Component: As the senior purchaser for Belton Company. you are concerned that the purchase discounts you have negotlated are not being taken advantage of by the accounts payable department. Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% Interest rate. (Do not round intermedlate calculations. Round your final answer to 2 decimal pleces. Assume 365 days a year.) Cost of the lost discount

Analysis Component: As the senior purchaser for Belton Company. you are concerned that the purchase discounts you have negotlated are not being taken advantage of by the accounts payable department. Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% Interest rate. (Do not round intermedlate calculations. Round your final answer to 2 decimal pleces. Assume 365 days a year.) Cost of the lost discount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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