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Suppose Toys Forever uses the perpetual inventory system and buys $220,000 of Caterpillar toys on credit terms of 2/10, n/60. Some of the goods are
Suppose Toys Forever uses the perpetual inventory system and buys $220,000 of Caterpillar toys on credit terms of 2/10, n/60. Some of the goods are damaged in shipment, so Toys Forever returns $16,500 of the merchandise to Caterpillar. Journalize the following transactions on the books of Toys Forever. 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 Toys Forever? ... Journalize the following transactions on the books of Toys Forever. Explanations are not required. a. Purchase of the goods on July 8, 2020. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Credit July 8 b. Return of the damaged goods on July 12, 2020 Journal Entry Accounts Debit Credit July 12 c. Payment on July 15, 2020. (Round your answers to the nearest whole dollar.) Journal Entry Accounts Debit Credit c. Payment on July 15, 2020. (Round your answers to the nearest whole dollar.) Journal Entry Accounts Debit Credit July 15 d. In the end, how much did the inventory cost Toys Forever? The inventory costs Toys Forever Choose from any list or enter any number in the input fields and then continue to the next
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