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On May 11, 2020, Wilson Purchasing purchased $25,500 of merchandise from Happy Sales: terms 1/10, n/90, FOB Happy Sales. The cost of the goods to
On May 11, 2020, Wilson Purchasing purchased $25,500 of merchandise from Happy Sales: terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $20,500. Wilson paid $1,550 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $4,100 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,300. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date Happy received and recorded the cheque on May 21, Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual Inventory system View transaction list Journal entry worksheet 2 3 4 Record the purchase of merchandise on credit; terms 1/10, n/90. Note: Enter debits before credits Date May 11, 2020 General Journal Debit Credit Record entry Clear entry View general journal
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