Consider the following transactions for Partytime Toys Oct 8 Partytime Toys
Consider the following transactions for Partytime Toys:
Oct. 8 Partytime Toys buys $141,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30.
11 Partytime Toys returns $14,100 of the merchandise to MegoBlock due to damage during shipment.
15 Partytime Toys paid the amount due, less the return and discount.
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Partytime Toys?
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