Goods totaling $77,000 were purchased January 8 with the terms 3/10, n/30. On January 10, $7,000...

Transcribed Image Text:

Goods totaling $77,000 were purchased January 8 with the terms 3/10, n/30. On January 10, $7,000 of the goods sold on January 8 were returned. If cash payment was made on January 18 in relation to the January 8 purchase, what would be the discount (assume the entire outstanding balance was paid)? Use the following data to answer the following two questions: On 1/8 Tillie Co. buys $300,000 worth of inventory on account. On 1/10 Tillie Co. returns $8,000 of inventory because it was defective. Assume Tillie Co. uses the perpetual system to account for its inventory. Please provide the journal entry to record the purchase return: Assume Tillie Co. uses the periodic system to account for its inventory. Please provide the journal entry to record the purchase return: Goods totaling $77,000 were purchased January 8 with the terms 3/10, n/30. On January 10, $7,000 of the goods sold on January 8 were returned. If cash payment was made on January 18 in relation to the January 8 purchase, what would be the discount (assume the entire outstanding balance was paid)? Use the following data to answer the following two questions: On 1/8 Tillie Co. buys $300,000 worth of inventory on account. On 1/10 Tillie Co. returns $8,000 of inventory because it was defective. Assume Tillie Co. uses the perpetual system to account for its inventory. Please provide the journal entry to record the purchase return: Assume Tillie Co. uses the periodic system to account for its inventory. Please provide the journal entry to record the purchase return:

Answer rating: 100% (QA)

Perpetual System To record the purchase return in Tillie Cos books using the perpetual inventory s... View the full answer