Question
Sombrero Co., a furniture wholesaler, sells merchandise to Belarus Co. on account, $64,300, terms 2/10, n/30. The cost of the merchandise sold is $38,000. Sombrero
Sombrero Co., a furniture wholesaler, sells merchandise to Belarus Co. on account, $64,300, terms 2/10, n/30. The cost of the merchandise sold is $38,000. Sombrero Co. issues a credit memo for $13,300 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $8,000. a. Journalize Belarus Co.'s entry for the purchase. b. Journalize Belarus Co.'s entry for the return of the merchandise for credit c. Journalize Belarus Co.'s entry for the payment of the invoice within the discount period. For a compound transaction, if an amount box does not require an entry, leave it blank.
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