Prepare journal entries to record the above transactions for a retail store. Assume a perpetual…


Question Description:

25

Purchased merchandise from Blue Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. Paid $258 for shipping charges on the April 2 purchase. Returned to Blue Company unacceptable merchandise that had an invoice price of $500. Sent a…

Answer

25