Journalizing purchase transactions perpetual inventory [10 min]
Refer to the KC Toys facts in Short Exercise.
Requirements
1. Journalize the following transactions. Explanations are not required.
a. Purchase of the goods on July 8, 2012.
b. Return of the damaged goods on July 12, 2012.
c. Payment on July 15, 2012.
2. In the final analysis, how much did the inventory cost KC Toys?
Analyzing purchase transactions—perpetual inventory [5-10 min]
Suppose KC Toys buys $185,800 worth of MegoBlock toys on credit terms of 2/10, n/30. Some of the goods are damaged in shipment, so KC Toys returns $18,530 of the merchandise to MegoBlock.
Requirement
1. How much must KC Toys pay MegoBlock.
a. after the discount period?
b. within the discount period?
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