George jones bought 40 notebooks. if each notebook costs 3.49 and the sales tax is 5%, how much did he pay for the notebooks?

$146.58

Step-by-step explanation:

Price of 1 notebook: $3.49

Price of 40 notebooks: 40 * $3.49 = $139.60

Sales tax is 5% of $139.60: 5% * $139.60 = 0.05 * $139.60 = $6.98

Price of 40 notebooks plus sales tax: $139.60 + $6.98 = $146.58

$146.58

For recording the bond retirement we debited the bonds payable, loss on bonds retirement and discount on bonds payable and credited the cash.

Explanation:

Bonds payable Dr,                       $250,000  

Loss on bonds retirement Dr,$7,000  

Discount on bonds payable Dr,$2,000

         To Cash                                           $255,000

(Being redemption of bonds is recorded)  

Working  Note:-

Issue price of bonds

($250,000 × 100 × 98)      $245,000

Face value                     $250,000

Discount on bonds     $5,000

Discount amortized      $3,000

Unamortized Discount     $2,000

Redemption price

($250,000 ÷ 100 × 102)     $255,000