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Innovative Medical Devices is a medical devices wholesaler that commenced business on June 1,20X1. The...

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Accounting

Innovative Medical Devices is a medical devices wholesaler that commenced business on June 1,20X1. The company purchases
merchandise for cash and on open account. In June 20X1, Innovative Medical Devices engaged in the following purchasing and cash
payment activities:
DATE TRANSACTIONS
June 1,20X1 Issued Check 101 to purchase merchandise, $4,200.
June 3,20X1 Purchased merchandise for $1,550 from BioMaps Incorporated, Invoice 606; terms 2/10, n/30.
210,n30.
June 9,20X1 Paid amount due to BioMaps Incorporated for purchase of June 3, less discount, Check 102.
the goods were purchased on Invoice 1011, dated June 5.
June 11,20X1 Purchased merchandise for $1,650 from BioMaps Incorporated, Invoice 612; terms 210, n/30.
discount, Check 103.
June 15,20X1 Purchased merchandise with a list price of $8,900 and trade discounts of 20 and 15 percent from Pang Research,
Invoice 1029, terms n30.
June 20,20X1 Issued Check 104 to purchase merchandise, $2,700.
June 25,20X1 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $250.
210,n30.
Required:
Journalize the transactions in a general journal.
Analyze:
What was the amount of trade discounts received on the June 15 purchase from Pang Research?
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