Purchase-Related Transactions Stylon Co., a women's clothing store, purchased $27,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,300, receiving a credit memo. a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable 27,000 X 27,000 X Feedback Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable. b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. Accounts Payable Inventory 27,000 X 27,000 X Feedback Check My Work b. A retum reduces Merchandise Inventory and Accounts Payable in the purchaser's records. c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. Accounts Payable Cash 26,460 X 26,460 X Previous Next