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please help!!!! a) Star uses a perpetual inventory system. On day 1, it purchased merchandise inventory on account from Flowers for $40,000 terms 1/10, n/30.
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a) Star uses a perpetual inventory system. On day 1, it purchased merchandise inventory on account from Flowers for $40,000 terms 1/10, n/30. On day 4, Star received credit from Flowers for $2,000 of merchandise that Star returned. On day 7, Star paid Flowers the amount owing, net of any returns and discount. Show calculations. Debit account Credit account Date a) day 1 Debit $ Credit $ a) day 4 a) day 7 b) On day 8 Star had credit sales of $30,000. Star uses a perpetual inventory system and cost of goods sold was $18,000 (60% of sales). Estimated sales returns are 5% of sales. On day 12, Star recorded the necessary entries for a sales return of $500 related to the initial credit sale of $30,000 above. Items costing $300 were accepted by Star with the return. Date Debit account Credit account Debit $ Credit $ b) day 8 b) day 12 Step by Step Solution
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