Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $18,200, terms n/30....
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Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $18,200, terms n/30. The cost of the merchandise sold is $10,900. Showcase Co. issues a credit memo for $3,100 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $1,900.
a. Journalize Balboa Co.s entry for the purchase. Merchandise Inventory 18,200 Accounts Payable-Showcase Co. 18,200
b. Journalize Balboa Co.s entry for the return of the merchandise for credit.
c. Journalize Balboa Co.s entry for the payment of the invoice.
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