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How do you do D? Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination,
How do you do D?
Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $3,600 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. Inventory 20,580 Accounts Payable 20,580 Feedback Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable. Learning Objective 2. b. Journalize Warwick's Co.'s entry to record the merchandise return Accounts Payable. | -3.528 3,528 Feedback Check My Work b. A return reduces Merchandise Inventory and Accounts Payable in the purchaser's records Learning Objective 2. c. Journalize Warwick's Co. entry to record the payment within the discount period of ten days c. Journalize Warwick's Co. entry to record the payment within the discount period of ten days. Accounts Payable 17,052V Cash 17,052V Feedback Check My Work c. The amount paid is the balance in Accounts Payable Learning Objective 2 d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days. If an amount box does not require an entry, leave it blank Accounts Payable Inventory CashStep by Step Solution
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