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Banner Ltd., bought merchandise for $900, terms 2/10, n/30. If Banner returns $300 worth of the goods to the vendor, the entry to record the return should include aDebit to Accounts Payable of $300Debit to Purchases Returns and Allowances of $294Credit to Purchases Returns and Allowances of $294None of the others alternatives are correctDebit to Discounts Lost of $64.On November 30, Bargain City has the following financial information relating to November:Sales $10,000Sales returns & allowances $1,000Purchases $4,000Freight-in $500Purchase Returns & Allowances $400Purchase discounts $200What are the Net Purchases for the month of November?$3,600$3,900$3,100$3,800Some other amount5.On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $900. During 20X7, supplies purchases amounted to $6,000. A count (inventory) of supplies on hand at December 31, 20X7, showed $1,800. The 20X7 Balance Sheet statement should report supplies amounting to:$1,800$6,000$5,100$6,900None of the others alternatives are correct7.Brady Inc., had credit card sales of $50,000 for the month of July. The credit card company charges a 3% service charge for processes the sale. How much will Brady Inc., receive when payment is received from the credit card company?$50,000$48,5003% of $50,000There is insufficient information to determine this$51,5008.On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $1,000. During 20X7, supplies purchases amounted to $6,000. A count (inventory) of supplies on hand at December 31, 20X7, showed $2,000. The 20X7 Income Statement should report cost of goods sold amounting to:$5,000$6,000None of the others alternatives are correct$2,000$7,0009.Lincoln Glass Company sold goods for $5,000 to Olivia Company on March 12 on credit. Terms of the sale were 3/10, n/30. At the time of the sale, Lincoln recorded the transaction by debiting accounts receivable for $5,000 and crediting sales revenue for $5,000 while Olivia debited Purchases for $5,000 and credited Accounts Payable for $5,000. Olivia paid the balance due, less the discount, on March 21. To record the March 21 transaction, Olivia would credit which of the following?None of the others alternatives are correctCash for $4,850Discount lost $150Cash for $5,000Discount gained $15010.The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20×9:Sales $50,000Cost of Goods Sold $35,000Inventory $10,000Account Payable $8,000The gross profit which Sell-it would report is$40,000None of the others alternatives are correct$7,000$15,000$50,000