Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase...
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Accounting
Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Roley purchased $80,800 of inventory, terms 2/10, n/30, FOB shipping point. (2) Roley paid freight costs of $1,510. (b) On July 3, Roley returned damaged goods and received credit of $8,080. (c) On July 10, Roley paid for the goods.
What are the journal entries for 1, 2a, 2b, and 2c.
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