Purchase-related transactions

Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the goods sold is $152,700. Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500.

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a. Journalize Balboa Co.'s entry for the purchase. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
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a. Record the transaction from the buyer's perspective. A purchase increases inventory and the amount that is owed on account.

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b. Journalize Balboa Co.'s entry for the return of the merchandise for credit. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
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Feedback

b. A return reduces Inventory and Accounts Payable in the buyer's records.

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c. Journalize Balboa Co.'s entry for the payment of the invoice. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
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Please help ASAP!