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Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $17,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Poff's returned $2,900
Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $17,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Poff's returned $2,900 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Purchase-Related Transactions Journalize entries for the following related transactions of Greenville Heating \& Air Company: If an amount box does not require an entry, leave it blank. a. Purchased $30,000 of merchandise from Foster Co. on account, terms 2/10,n/30. b. Paid the amount owed on the invoice within the discount period. C. Discovered that $6,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $5,880[$6,000 - ($6,000 2%)] d. Purchased $4,500 of merchandise from Foster Co. on account, terms n/30
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