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Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account,
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned was $16,800. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record (a) the refund and (b) the return of merchandise
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