Refer to the data for Roley Corporation in BE13-1. Assuming that Roley instead uses the net approach in accounting for its purchases, prepare all necessary journal entries for Roley.
IN BE On July 1, Roley purchased $60,000 of inventory, terms 2/10, n/30, f.o.b. shipping point. Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received a credit of $6,000. On July 10, Roley paid for the goods.
Prepare all necessary journal entries for Roley.