Information related to Blue Spruce Corp. is presented below.1. 1. On April 5, purchased merchandise on account from Whispering Winds Company for $44,800, terms 4/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $830 on merchandise purchased from Whispering Winds.
3. On April 7, purchased equipment on account for $42,500.
4. On April 8, returned damaged merchandise to Whispering Winds Company and was granted a $4,600 credit for returned merchandise.
5. On April 15, paid the amount due to Whispering Winds Company in full.

Required:
Prepare journal entries to record these transactions on the books of Lor Co. using a periodic inventory system.

Suppose that jim plans to borrow money for an education at texas a& m university. jim will need to borrow $25,000 at the end of each year for the next five years (total=$125,000). jim wishes his parents could pay for his education but they can’t. at least, he qualifies for government loans with a reduced interest rate while he is in school. he has a special arrangement with aggiebank to lend him the money at a subsidized rate of 1% over five years without having to make a payment until the end of the fifth year. however, at the end of the fifth year, jim agrees to pay off the loan by borrowing from longhorn bank. longhorn bank will lend him the money he needs at an annual interest rate of 6%. jim agrees to pay back the longhorn bank with 20 annual payments and the payments will be uniform (equal annual payments including principal and interest). (i) calculate how much money jim has to borrow at the end of 5 years to pay off the loan with aggiebank. a. $121,336 b. $127,525 c. $125,000 d. $102,020 e. none of the above

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Assume the total cost of a college education will be $250,000 when your child enters college in 17 years. you presently have $69,000 to invest. what annual rate of interest must you earn on your investment to cover the cost of your child’s college education? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)