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Purchase-Related Transactions Warwicks Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwicks returned $2,900

Purchase-Related Transactions

Warwicks Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwicks returned $2,900 of the merchandise, receiving a credit memo.

Question Content Area

a. Journalize Warwicks Co.'s entry to record the purchase.

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldInventoryMiscellaneous Expense

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldInventoryMiscellaneous Expense

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Question Content Area

b. Journalize Warwicks Co.'s entry to record the merchandise return.

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldInventoryMiscellaneous Expense

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldInventoryMiscellaneous Expense

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Question Content Area

c. Journalize Warwicks Co. entry to record the payment within the discount period of ten days.

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldInventoryMiscellaneous Expense

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldSales DiscountsSales

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Question Content Area

d. Journalize Warwicks Co. entry to record the payment beyond the discount period of ten days. If an amount box does not require an entry, leave it blank.

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Accounts PayableAccounts ReceivableCashCost of Merchandise SoldPurchase DiscountsPurchases

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Accounts ReceivableCashCost of Merchandise SoldInventoryPurchase DiscountsPurchases

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Accounts PayableAccounts ReceivableCashInventoryPurchase DiscountsPurchases

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