Booklyst Co. distributes merchandise to retail stores and extends credit terms of 2/10, n/30 to...
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Booklyst Co. distributes merchandise to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During March, the following merchandising transaction occurred. March 1 Purchased books from BookSio Co. for $48,000 terms 2/15, net/30, FOB shipping point. 3 Paid freight costs of $500 on merchandise purchased from BookSio Co. 8 Returned books to BookSio Co. and was granted a $3,200 credit for returned merchandise. 9 Sold books on account to Storex Co. $4,500. The cost
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