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On May 6, R

Question 89

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On May 6, R. Rosen purchased merchandise for his camping store. The invoice was for $100,000 plus HST at 13%, terms 2/10, n/30. On May 10, R. Rosen returned merchandise costing $15,000 for credit. On May 15, R. Rosen paid the amount owed, taking all available discounts. Answer the following:
a) The credit to Accounts Payable on May 6 is ________.
b) The debit to HST Paid on May 6 is ________.
c) The debit to Accounts Payable on May 10 is ________.
d) The credit to Inventory on May 15 is ________.
e) The credit to Cash on May 15 is ________.

Correct Answer:

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a) $100,000
b) $13,0...

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