Mayn Co., a womens clothing store, purchased $36,000 of merchandise from a supplier on account, terms FOB

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Mayn Co., a women’s clothing store, purchased $36,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Mayn Co. returned $4,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Journalize Mayn Co.’s entries to record
(a) The purchase,
(b) The merchandise return, and
(c) The payment.

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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