Question

Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.
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.


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  • CreatedAugust 23, 2015
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