During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $1,200 from Green with terms 2/10, n/30. January 6 Purchased goods from Munoz for $900 with terms 2/10, n/30. January 14 Paid Green in full. February 2 Paid Munoz in full. February 28 Purchased goods for $350 from Reynolds with terms n/45. Required: Prepare journal entries to record the transactions, assuming Axe records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged to Other Opera

5. understanding marginal and average tax rates consider the economy of citronia, where citizens consume only oranges. assume that oranges are priced at $1 each. the government has devised the following tax plans: plan a • consumption up to 1,000 oranges is taxed at 50%. • consumption higher than 1,000 oranges is taxed at 20%. plan b • consumption up to 2,000 oranges is taxed at 15%. • consumption higher than 2,000 oranges is taxed at 60%. use the plan a and plan b tax schemes to complete the following table by deriving the marginal and average tax rates under each tax plan at the consumption levels of 300 oranges, 1,200 oranges, and 3,000 oranges, respectively. consumption level plan a plan b (quantity of oranges) marginal tax rate average tax rate marginal tax rate average tax rate (percent) (percent) (percent) (percent) 300 1,200 3,000 complete the following table by indicating whether each plan is a progressive tax system, a proportional tax system, or a regressive tax system. progressive proportional regressive plan a plan b