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akeAssignment/takeAssignmentMain.do?invoker-assignments&itakeAssignmentSessionLocator-assignment-take;&inprogress-false; Show Me How Calculator eBook Purchase-Related Transactions Warwick's Co., a women's dothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount a. Journalize Warwick's entry to record the purchase. destination, 2/10, n/30. ? Cost of Merchandise Sold b. Journalize Warwick's entry to record the merchandise return. Accounts Payable X c. Journalize Warwick's entry to record the payment. Merchandise inventory X- Sales x

Explanation / Answer

Journal entry :

No accounts & explanation debit credit a Merchandise inventory 75000 Account payable 75000 (To record purchase) b Account payable 9000 Merchandise inventory 9000 (To record return) c Account payable (75000-9000) 66000 cash 64680 Merchandise inventory 1320 (To record payment)

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