=+Madame Co., a womens clothing store, purchased $10,000 ofmerchandise from a supplier on account, terms FOB destination,
Question:
=+Madame Co., a womens clothing store, purchased $10,000 ofmerchandise from a supplier on account, terms FOB destination, 2/10, n/30. Madame Co. returned $2,500 ofthe merchandise, receiving a credit memorandum, and then paid the amount due within the discount period.
Illustrate the effects on the accounts and financial statements ofMadame Co. to record
(a) the purchase,
(b) the merchandise return, and
(c) the payment.
Illustrate the effects on the accounts and financial statements ofthe following related transac¬
tions ofLa Paz Company:
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