Purchase-Related Transactions
Warwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $3,100 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period
a. Journalize Warwick’s Co.'s entry to record the purchase.
b. Journalize Warwick’s Co.'s entry to record the merchandise return.c. Journalize Warwick’s Co.'s entry to record
the payment.
A | Merchandise inventory | 17640 | |
Accounts Payable | 17640 | ||
(18000-2%) | |||
B | Accounts Payable | 3038 | |
Merchandise inventory | 3038 | ||
(3100-2%) | |||
C | Accounts Payable | 14602 | |
Cash | 14602 | ||
(17640-3038) |
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Warwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account
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Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30. Warwick's returned $3,000 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co's entry to record the purchase. b. Journalize Warwick's Co.'s entry to record the merchandise returnc. Journalize Warwick's Co, entry to record the payment within the discount period of ten days. d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days. If...
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