Consider the following transactions for Partytime Toys: Oct. 8 Partytime Toys buys $141,800 worth of MegoBlock toys
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted: