On March 1, Sabine Electric bought $4, 400 of goods with terms of 3/15, n/45.
Required:
Fill in the blanks below with dollar amounts, if any are appropriate.
(Use the net method for items a.and b.below.)
a. If payment was made on March 15, you would debit Accounts Payable for
b. If payment was made on April 3, you would debit Purchase Discounts Lost for (Use the gross method for c.and d.below.)
c.If payment is made on March 15 , you would credit Cash for
d.Assuming no payment had yet been made, you would debit Purchase Discounts Lost for in the adjusting entry at April 30 (fiscal vearench)
Correct Answer:
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