Question
Suppose KC Toys buys $103 200 worth of MegoBlock toys on credit terms of 2/10, n/30. Some of the goods are damaged in shipment, so
Suppose KC Toys buys $103 200 worth of MegoBlock toys on credit terms of 2/10, n/30. Some of the goods are damaged in shipment, so KC Toys returns $10 270 of the merchandise to MegoBlock. The business uses a perpetual inventory system. All amounts are inclusive of GST at the rate of 10%. Requirements 1. Journalise the following transactions: a. Purchase of the goods on 8 March 2016. Requirement 1a. Journalise the purchase of the goods on 8 March 2016. (Record debits first, then credits. Explanations aren't required. Round amounts to the nearest dollar.)
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