Warwicks Co., a womens clothing store, purchased $79,500 of merchandise from a supplier on account,...
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Accounting
Warwicks Co., a womens clothing store, purchased $79,500 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwicks returned $9,300 of the merchandise, receiving a credit memo.
Journalize Warwicks entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions.
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