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QUESTION 16 18 points Inventory Purchases Use the following information and the t-accounts provided to record Gibson Gymnastics Club's April purchase transactions, assuming it uses
QUESTION 16 18 points Inventory Purchases Use the following information and the t-accounts provided to record Gibson Gymnastics Club's April purchase transactions, assuming it uses the perpetual inventory system. Gibson purchased 610 engraved medals on account from Evans Engraving for $2,440 total on April 8. The terms of the purchase were 1/10, n/30 When Gibson received the medals on April 12, it noticed the engraving was slightly crooked on 10 of the medals. Evans gave Gibson a $32 purchase allowance related to those medals. Gibson also noticed that 2 of the medals were incorrectly engraved. It returned those medals to Evans and requested a refund of $8. On April 16, Gibson paid Evans for the full amount owed on account. Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box in each t-account relates to a separate transaction and every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. ASSETS LIABILITIES + EQUITY Cash Accounts Payable Inventory Cash Accounts Payable Inventory
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