Stylon Co., a women's clothing store, purchased $20,000 of merchandise from a supplier on account, terms FOB
Question:
Stylon Co., a women's clothing store, purchased $20,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Stylon returned merchandise with an invoice amount of $3,200, receiving a credit memo.
Question Content Area
a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank.
| blank | Account | Debit | Credit |
|---|---|---|---|
| blank | Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory | ||
| Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory |
Question Content Area
b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank.
| blank | Account | Debit | Credit |
|---|---|---|---|
| blank | Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory | ||
| Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory |
Question Content Area
c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank.
| blank | Account | Debit | Credit |
|---|---|---|---|
| blank | Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory | ||
| Accounts PayableAccounts ReceivableCashCost of Goods SoldSales | |||
| Accounts PayableAccounts ReceivableCost of Goods SoldInventorySales |
Question Content Area
d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
| blank | Account | Debit | Credit |
|---|---|---|---|
| blank | Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory | ||
| Accounts PayableAccounts ReceivableCashCost of Goods SoldInventory |
Expert Answer:
