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1. A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30. On July...

1. A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:

2.

A company purchased $2,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $230 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

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