Suppose Toys Forever uses the perpetual inventory system and buys $100,000 of LEGO toys on credit

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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 ®. How much must Toys Forever pay LEGO®
a. After the discount period?
b. Within the discount period?
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Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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