Refer to the Toys Forever situation in Starter 5-3 and journalize the following transactions on the books of Toys Forever. Explanations are not required.
a. Purchase of the goods on July 8, 2014.
b. Return of the damaged goods on July 12, 2014.
c. Payment on July 15, 2014.
d. In the end, how much did the inventory cost Toys Forever?
In Starter 5-3
Suppose Toys Forever uses the perpetual inventory system and buys $100,000 of LEGO ® toys on credit terms of 3/15, n/45. Some of the goods are damaged in shipment, so Toys Forever returns $12,500 of the merchandise to LEGO ®.