On March 1, Sabine Electric Bought $4, 400 of Goods $\$$

question 17

Essay

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 $\$$$\underline{\quad\quad}$

b. If payment was made on April 3, you would debit Purchase Discounts Lost for $\$$$\underline{\quad\quad}$ (Use the gross method for c.and d.below.)
c.If payment is made on March 15 , you would credit Cash for $\$$$\underline{\quad\quad}$

d.Assuming no payment had yet been made, you would debit Purchase Discounts Lost for $\$$ $\underline{\quad\quad}$ in the adjusting entry at April 30 (fiscal vearench)

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Definitions:

Literal

Pertains to the exact meaning of words or texts, without interpretation or exaggeration.

Ironic

Describing situations that are the opposite of what is expected, often in a humorous or poignant manner.

Nonsensical

describes something that is illogical, absurd, or makes no sense.

Anterior Cingulate Cortex

A region of the brain located in the frontal part of the cingulate cortex, involved in functions related to emotion, decision-making, and impulse control.