Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier...
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Accounting
Purchase-Related Transactions
Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period.
a. Journalize Warwick's entry to record the purchase.
| Merchandise Inventory | |||
| Accounts Payable |
b. Journalize Warwick's entry to record the merchandise return.
| Accounts Payable | |||
| Merchandise Inventory |
c. Journalize Warwick's entry to record the payment.
| Accounts Payable | |||
| Cash |
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