purchase - related transaction

pparmount co. a woman 's clothing store, purchased 60,000 of merchandise from a supplier on account, terms FOB destination ,2/10,n/30. paramount co. returned 12000 of the merchandise, receiving a credit memo and then paid the amonut due within the discount period.

a. journalize paramount co.'s entry to record the patment.

Account Payable ____________ _______________

Cash ____________ _______________

Merchandise Inventory ____________ ______________

2. sales related transation

after the amount due on a sale of 28000, term2/10, n/eom, is received from a customer within the discount period the seller consents to the return of the entire shipment. the cost of the merchandise returned was 16,800.

what is the amount of the refund owed to the customer ______________.

3. sales related transactions

merchandise is sold on account to a customer for 24,000, terms FOB shipping point 2/10,n/30. the seller paid the freight of 425.determine the following .

a. amount of the sale____________

b. amount debited to account receivable _____________

c. amount of the discount for early payment _____________

d. amount due within the discount period _______________