Business, 16.10.2020 14:01 divyaravinder8148

Stylon Co., a women’s clothing store, purchased $70,300 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $9,000, receiving a credit memo. Required:
Journalize Stylon’s entries to record:

a. The purchase
b. The merchandise return
c. The payment within the discount period of 10 days
d. The payment beyond the discount period of 10 days.

Answers: 3

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Stylon Co., a women’s clothing store, purchased $70,300 of merchandise from a supplier on account, t...