Question

Journalize the following transactions for The Hobby Hut, Inc., that occurred during the month of December.
Dec 3 Purchased $6,500 of merchandise on account, terms 1/10, n/30, FOB shipping point. The supplier prepaid freight charges of $325 and added the amount to the invoice.
6 Returned damaged goods to the supplier and received a credit memorandum in the amount of $1,000.
12 Paid for the goods purchased on December 3.



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  • CreatedApril 29, 2014
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