Ch 6-3 Exercises & Problems Show Me How Calculator eBook Print Item Purchase-Rel
ID: 2342492 • Letter: C
Question
Ch 6-3 Exercises & Problems Show Me How Calculator eBook Print Item Purchase-Related Transactions 1. EX.06-07 ALGO Warwick's Co., a women's clothing store, purchased $26,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $3,900 of the merchandise, recelving a credit memo, and then paid the amount due within the discount period. 2. EX.06-08 ALGO 3. EX.06-13.ALGO 4. EX.06-25 ALGO 5. EX.06-24 ALGO a. Journalize Warwick's Co.'s entry to record the purchase Merchandise Inventory26,000X Accounts Payable 26,000XX Foodback 6. PR.06-03.BLANKSHEET.AL... Chock My Work a. A purchase increases Merchandise Inventory and Accounts Payable. b. Journalize Warwick's Co.'s entry to record the merchandise return. Accounts Payable 3,9001 x Merchandise Inventory 3,900 X Foodback Chock My Work b. A return reduces Merchandise Inventory and Accounts Payable in the purchaser's records. C. Joumalize warwick's Co.'s entry to record the payment. Accounts Payable 22,100 x Cash- 21,658 Check My Work 1 more Check My Work uses remaining. Next Progress: 1/6 items Assignment Score: 5.56% Save and Exit Submit Assignment for GradingExplanation / Answer
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Merchandise inventory [$26,000-($26,000*2%)] $25,480 Accounts payable $25,480