Exercise 4-16a recording purchases, returns, and allowances-periodic lo p5 prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method. apr. 2 purchased $4,600 of merchandise from lyon company with credit terms of 2/15, n/60, invoice dated april 2, and fob shipping point. 3 paid $300 cash for shipping charges on the april 2 purchase. 4 returned to lyon company unacceptable merchandise that had an invoice price of $600. 17 sent a check to lyon company for the april 2 purchase, net of the discount and the returned merchandise. 18 purchased $8,500 of merchandise from frist corp. with credit terms of 1/10, n/30, invoice dated april 18, and fob destination. 21 after negotiations, received from frist a $500 allowance toward the $8,500 owed on the april 18 purchase. 28 sent check to frist paying for the april 18 purchase, net of the allowance and the discount.

If you offer up your car as a demonstration that you will pay off your loan to a bank or another financial lending institution, you are using your car as collateral. true false

Richardson hired j. c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j. c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."

Employees at a library check out books to patrons. books have an isbn and a name. the library sometimes has multiple copies of the same book. books have one or more authors. a patron is an individual who has an active (non-expired) library card. for each library card, we store the person's first and last names and their address. for each employee, we store their employee id, current salary, first and last name and their address. we also store the employee id of their current manager. each time we check out a book to a patron we need to store the date of the transaction, the employee who checked out the book to the patron, and the library card of the patron. some employees have library cards. if an employee patron turns in a book late, the fine that they pay is a percentage of their salary. some employees are authors who have library cards—they are allowed to check out as many books as they like.