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4. Goods costing $2,500 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit memo is
4. Goods costing $2,500 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system. 5. A credit sale is made on July 10 for $700, terms 2/10, n/30. On July 12, $100 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. 6. Explain why the Inventory account will usually require adjustment at year-end
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