Question: I need an answer for part D only. Pls prepare all the T-accounts and not just cash account. Suppose KC Toys buys $20,000 worth of

I need an answer for part D only. Pls prepare all the T-accounts and not just cash account.

Suppose KC Toys buys $20,000 worth of MegoBlock toys on Oct 1st, 2014 on credit terms of 2/10, n/30. Some of the goods are damaged in shipment, so KC Toys returns $1,500 of the merchandise to MegoBlock on Oct 5th.

Required:

a) How much must KC Toys pay MegoBlock if KC Toys pays on Oct 8th?

b) Record the transactions in general journal format (i.e., Journal entries) for Oct 1st, Oct 5th, and Oct 8th.

c) On Oct 20th, KC Toys sold merchandise that cost $10,000 for $18,000 cash to its customer. Record these transactions in the general journal format.

d) Prepare T-accounts. Assume cash account has a beginning balance of $50,000 for 2014.

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