1 LUCA makes $58,000 per year, is single, and lives in Seattle, WA. He has $27,000 in unsubsidized federal loans, but he's
got another $62,000 in private student loans and lives in an expensive neighborhood, so his rent is high. He's hoping to
keep his Federal student loan payments to less than $200 per month so that his budget will work out.
Note: This calculator ONLY works for Federal student loans, so know that he must also find a way to repay his private loans, but you will not enter
those in this calculator
5. Which plan meets Luca's desire for Federal loan payments under $2007
6. Describe how this low loan repayment plan works.
7. What is a potential downside of Luca's taking this low loan repayment plan that works in his budget right now?

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."