Question: Consider the following transactions for KC Toys Jul 8 KC

Consider the following transactions for KC Toys:
Jul. 8 KC Toys buys $ 185,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30.
12 KC Toys returns $ 18,500 of the merchandise to MegoBlock due to damage during shipment.
15 KC Toys paid the amount due, less the return and discount.

1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost KC Toys?

View Solution:

Sale on SolutionInn
  • CreatedJanuary 16, 2015
  • Files Included
Post your question