Johnson Company sold merchandise with a selling price of \( \$ 2,000 \) on account to Baxter Company, with terms \( 5 / 10 \), \( \mathrm{n} / 30 \). What journal entry did Johnson Company prepare for payment if payment was received eight days after the invoice date, assuming the gross method is used?

7. Mohammed borrowed N2500 at \( 4 \% \) p.a. com- pound interest. He repays N600 at the end of each year. Find out during which year the debt will finish.

If you borrow \( \$ 500 \) for 6 months at \( 2 \% \) annual simple interest, how much must you repay at the end of the 6 months?

On September 5, Zhu Company buys merchandise on account from Gao Company. The selling price of the goods is \( ¥ 15,000 \), and the cost to Gao Company was \( ¥ 8,000 \). On September 8 , Zhu returns defective goods with a selling price of \( ¥ 2,000 \) and the fair value of \( ¥ 300 \). Record the transactions on the books of Gao Company. Sept. 5 Sept. 5

E6-23A. (Learning Objective 2: Compare gross profit-FIFO versus LIFO-falling prices) Suppose a Walmart store in Fillmore, Missouri, ended January 2024 with 900,000 units of merchandise that cost \( \$ 5 \) each. Suppose the store then sold 50,000 units for \( \$ 510,000 \) during February. Further, assume the store made two large purchases during February as follows: Feb \( 10 \quad \begin{array}{rr}10,000 \text { units @ } \$ 3.10=\$ 31,000 \\ 21 & 25,000 \text { units @ } \$ 2.20=\$ 55,000\end{array} \) Requirements 1. Calculaté the store's gross profit under both FIFO and LIFO at February 28. 2. What caused the FIFO and LIFO gross profit figures to differ?

[-/1 Points] DETAILS MY NOTES HARMATHAP12 6.1.019. If \( \$ 5000 \) is invested at \( 9 \% \) annual simple interest, how long does it take to be worth \( \$ 7700 \) ?