Stylon Co., a women's clothing store, purchased $73,600 of merchandise from a supplier on account,...
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Stylon Co., a women's clothing store, purchased $73,600 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $8,700, receiving a credit memo Journalize Stylon's entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions Journal Shaded cells have feedback. POST. REF DATE DESCRIPTION CREDIT DEBIT ASSETS LIABILITIES Dec. 31 Inventory 72,128.00 1 Accounts Payable 72,128.00 t Accounts Payable Dec. 31 63,515.00 3 Inventory 63,515.00 4 V Accounts Payable Dec. 31 63,515.00 5 63,515.00 Cash 6 Accounts Payable Dec. 31 63,515.00 7 Cash 63,515.00 8 Inventory 63,515.00 9
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