Prepare the necessary journal entries to record the following transactions, assuming a perpetual inventory system:
(a) Purchased $450,000 of merchandise on account, terms 2/10, n/30.
(b) Returned $30,000 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

Question

Quizplus · Accepted Answer

The Answer of Prepare the necessary journal entries to record the following transactions, assuming a perpetual inventory system:
(a) Purchased $450,000 of merchandise on account, terms 2/10, n/30.
(b) Returned $30,000 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

Prepare the Necessary Journal Entries to Record the Following Transactions