Stylon Co , a womens clothing store, purchased $73,000 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 $9,900, receiving a credit memo Journalize Stylons entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days Refer to the Chart of Accounts for exact wording of account titles For grading purposes use December 31 as the date for all transactions CHART OF ACCOUNTS Stylon Co General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense Store Equipment 525 Depreciation Expense Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense

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Stylon Co., a womens clothing store, purchased $73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under

Stylon Co., a womens clothing store, purchased $73,000 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 $9,900, receiving a credit memo.

Journalize Stylons entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions.

CHART OF ACCOUNTS

Stylon Co.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
220	Unearned Rent
221	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Rent Revenue

	EXPENSES
510	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense