Suppose Toys Plus uses the perpetual inventory system and buys $100,000 of LEGO toys on credit terms

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Suppose Toys Plus uses the perpetual inventory system and buys $100,000 of LEGO toys on credit terms of 2/15, n/45. Some of the goods are damaged in shipment, so Toys Plus returns $12,500 of the merchandise to LEGO. How much must Toys Plus pay LEGO:
a. After the discount period?
b. Within the discount period?
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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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