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Suppose Child's Dream uses the perpetual inventory system and buys $180,000 of Lincoln Logs toys on credit terms of 3/15, n/30. Some of the goods
Suppose Child's Dream uses the perpetual inventory system and buys $180,000 of Lincoln Logs toys on credit terms of 3/15, n/30. Some of the goods are damaged in shipment, so Child's Dream returns $14,000 of the merchandise to Lincoln Logs. Journalize the following transactions on the books of Child's Dream. Explanations are not required. a. Purchase of the goods on July 8, 2020. b. Return of the damaged goods on July 12, 2020 c. Payment on July 15, 2020 d. In the end, how much did the inventory cost Child's Dream
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