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Warwick's Co., a women's clothing store, purchased exist73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned exist9, 900 of
Warwick's Co., a women's clothing store, purchased exist73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned exist9, 900 of the merchandise, receiving a credit memo. Journalize Warwick's entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. transactions For grading purposes use December 31 as the date for all transactions
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