Question
May 8 Toys and More purchased $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. May 12 Toys and More returned
| May 8 | Toys and More purchased $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. |
|---|---|
| May 12 | Toys and More returned $11,250 of the merchandise to MegoBlock due to damage during shipment. |
| May 15 | Toys and More paid the amount due, less the return and discount. |
| 1. | Journalize the purchase transactions. Explanations are not required. |
| 2. | In the final analysis, how much did the inventory cost Toys and More? |
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Accounts And Audit Of Limited Liability Partnerships
Authors: Steve Collings
4th Edition
1847669913, 978-1847669919
