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Q1. In thisquestion, you need to provide an amount for each

Q1. In thisquestion, you need to provide an amount for each

Q1. In thisquestion, you need to provide an amount for each transaction.1- Amerchandising company purchases merchandise inventory on credit, the creditterms are 2/10,n/30.2- The companypays the amount due within the purchase discount period.Required:A. Record thejournal entries for both transactions: issuance of the invoice, payment.B. Prepare theT-Accounts for: Accounts Payable and Merchandise Inventory.Q2- On your ownwords, talk briefly about two of the inventory costing methods, give oneexample of each method.Q3.A- Explain howto calculate the net income for merchandising companies, why is it differentthan calculating the net income for service companies.B- Prepare theincome Statement for Yazeed merchandising company for December 2018 that hasthe followings:Sales:1,000,000Sales discount:20,000Salariesexpenses: 100,000Advertisingexpenses: 100,000Sales returnsand allowances: 50,000Insuranceexpenses: 10,000Costs of GoodsSold: 450,000

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