Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account,...
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Accounting
Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwick's returned $3,100 of the merchandise, recelving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. Inventory 21,780 Accounts Payable 21,780 Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable Learning Objective 2 b. Journalize Warwick's Co.'s entry to record the merchandise return Accounts Payable 3,069 Inventory 3,069 1 Check My Work b. A return reduces Merchandise Inventory and Accounts Payable in the purchasers record Leaming Objective 2
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