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ABC purchases $120,000 of toys on account - terms 2/15, 1/30 Prepare the journal entry - Perpetual Inventory Purchases March 1 - Paid Freight bill

ABC purchases $120,000 of toys on account - terms 2/15, 1/30

  1. Prepare the journal entry - Perpetual Inventory Purchases

March 1 - Paid Freight bill of $50

  1. Prepare the journal entry - Perpetual Inventory Purchases

March 4 ABC returned $19,000 of the toys damaged during shipment

  1. Prepare the journal entry - Perpetual Inventory Purchases

March 4 - ABC received an allowance for $1000 due to the shipment being the wrong color

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