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Kingbird Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. ( a ) On July 1 . ( 1

Kingbird Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.
(a)
On July 1.(1) Kingbird purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping point. (2) Kingbird paid freight costs of $1,207.
(b) On July 3, Kingbird returned damaged goods and received credit of $8,000.
(c) On July 10. Kingbird paid for the goods.

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