Ch 6-3 Exercises & Problems Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $27,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $4,100 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Warwick's Co.'s entry to record the purchase. Merchandise Inventory 26,460 Accounts Payable 26,460 Feedback Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable. b. Journalize Warwick's Co.'s entry to record the merchandise return. Accounts Payable 4,100 Merchandise Inventory 4,100 Feedback Check My Work b. A return reduces Merchandise Inventory and Accounts Payable in the purchaser's records. c. Journalize Warwick's Co.'s entry to record the payment. Check My Work Omore Check My Work uses remaining. Next > 1 match Quin which journal is 1 Ch 6-3 Exercises & Problems Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable. b. Journalize Warwick's Co.'s entry to record the merchandise return. Accounts Payable 4,100 Merchandise Inventory 4,100 x Feedback Check My Work b. A return reduces Merchandise Inventory and Accounts Payable in the purchaser's records. c. Journalize Warwick's Co.'s entry to record the payment. Accounts Payable 22.360 X Cash 22,360 Check My Work C. The amount paid is the balance in Accounts Payable less the discount, which is shown as a reduction to Merchandise Inventory in the purchaser's records. Feedback Charles Wink Check My Work Omore Check My Work uses remaining. Next > Assignment Score: 6.35% Email Instructor Save and Exit Submit Assignment for Grading