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On May 6, R

Question 109

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On May 6, R. Alexander purchased merchandise for his jewelry store. The invoice was for $80,000 plus freight of $1,500, terms 1/15, n/30. On May 10, R. Alexander returned merchandise for $15,000 credit. On May 19, R. Alexander paid the amount owed. Answer the following questions:
a. The credit to Accounts Payable on May 6 is ________.
b. The debit to Inventory on May 6 is ________.
c. The debit to Accounts Payable on May 10 is ________.
d. The credit to Inventory on May 19 is ________.
e. The credit to Cash on May 19 is ________.

Correct Answer:

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a. $81,500
b. $8801,...

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