Princess Jewelry purchased $7,000 of inventory on credit from Wholesale Jewelry on February 2. The sale term they offered was 3/10 n/30. When they received the merchandise there were some broken pieces with a total value of $800.00, which they returned to Wholesale Jewelry. On February 8, Princess Jewelry paid the balance due. Record in the journal the purchase, the return, and the payment made.

Princess Jewelry purchased $7,000 of inventory on credit from Wholesale Jewelry on February 2. The sale term they offered was 3/10 n/30. When they received the merchandise there were some broken pieces with a total value of $800.00, which they returned to Wholesale Jewelry. On February 8, Princess Jewelry paid the balance due. Record in the journal the purchase, the return, and the payment made.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 12MC: On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received...

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