Rabia's Beauty Salon had the following transactions for November: Nov 9: Purchased 525 units of inventory at $12 per unit. The seller offered a cash discount of 2/10, n/30. Nov 10: Returned 60 defective units and received full credit. Nov 18: Paid the amount in full, less the returned items. Instructions: Prepare journal entries to record each of the preceding transactions.
Rabia's Beauty Salon had the following transactions for November: Nov 9: Purchased 525 units of inventory at $12 per unit. The seller offered a cash discount of 2/10, n/30. Nov 10: Returned 60 defective units and received full credit. Nov 18: Paid the amount in full, less the returned items. Instructions: Prepare journal entries to record each of the preceding transactions.
Chapter1: Financial Statements And Business Decisions
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