Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $53,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Poff's returned $7,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Poff's entry to record the purchase. If an amount box does not require an entry, leave it blank. Merchandise Inventory Accounts Payable ~ b. Journalize Poff's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. Accounts Payable ~ Merchandise Inventory ~ c. Journalize Poff's entry to record the payment. If an amount box does not require an entry, leave it blank.
Purchase-Related Transactions
Poff's Co., a women's clothing store, purchased $53,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Poff's returned $7,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period.
a.
Merchandise Inventory
Accounts Payable ~
b. Journalize Poff's entry to record the merchandise return. If an amount box does not require an entry, leave it blank.
Accounts Payable ~
Merchandise Inventory ~
c. Journalize Poff's entry to record the payment. If an amount box does not require an entry, leave it blank.
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