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eBook Question Content Area Purchase-Related Transactions The debits and credits from four related transactions, (1)...

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Accounting

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Question Content Area

Purchase-Related Transactions

The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30.

Cash Accounts Payable
(2) 150 (3) 1,980 (1) 13,860
(4) 11,880 (4) 11,880
Inventory
(1) 13,860 (3) 1,980
(2) 150

a. Describe each transaction.

1.

An allowance for return of merchandise was granted by the creditor.Paid freight.Paid the balance due within the discount period.Purchased merchandise on account net of discount.

2.

An allowance for return of merchandise was granted by the creditor.Paid freight.Paid the balance due within the discount period.Purchased merchandise on account net of discount.

3.

An allowance for return of merchandise was granted by the creditor.Paid freight.Paid the balance due within the discount period.Purchased merchandise on account net of discount.

4.

An allowance for return of merchandise was granted by the creditor.Paid freight.Paid the balance due within the discount period.Purchased merchandise on account net of discount.

b. Determine the invoice amount of the merchandise that was returned in (3). $fill in the blank 5

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