Question

Paramount Co., a women's clothing store, purchased $60,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Paramount Co. returned $12,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Journalize Paramount Co.'s entries to record
(a) The purchase,
(b) The merchandise return,
(c) The payment.



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  • CreatedFebruary 28, 2014
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