CengagexCengageNOWv2 | Online teachin x b My Questions | bartleby× M Inbox-saan.a0416@gmail.com +←→Câhttps://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in.Ch 6-3 Exercises & ProblemseBookShow Me HovwPrint ItemPurchase-Related TransactionsJournalize entries for the following related transactions of Manville Heating & Air Companya. Purchased $30,000 of merchandise from Wright Co. on account, terms 2/10, n/301. EX.06-07 ALGO2. EX 06-08. ALGO3. EX.06-13 ALGO4. EX.06-25 ALGO5. EX.06-24 ALGOb. Paid the amount owed on the invoice within the discount period6. PR.06-03 BLANKSHEETAL.C. Discovered that $6,000 of the merchandise purchased in (a) was defective and returned items, receiving creditd. Purchased $4,700 of merchandise from Wright Co. on account, terms n/30e. Received a refund from Wright Co. for return in (c) less the purchase in (d)Check My Work2 more Check My Work uses remainingPreviousNextProgress: 2/6 itemsAssignment Score: 7.14%All work savedEmail InstructorSave and Exit Submit Assignment for Grading

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Asked Feb 16, 2019
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I'm having a lot of trouble trying to understand how to journalize entries for things which have been returned or discounted. I don't get which accounts are being used for these, such as merchandise inventory, merchandise sold, and so on. How do I do this?

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Ch 6-3 Exercises & Problems
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Purchase-Related Transactions
Journalize entries for the following related transactions of Manville Heating & Air Company
a. Purchased $30,000 of merchandise from Wright Co. on account, terms 2/10, n/30
1. EX.06-07 ALGO
2. EX 06-08. ALGO
3. EX.06-13 ALGO
4. EX.06-25 ALGO
5. EX.06-24 ALGO
b. Paid the amount owed on the invoice within the discount period
6. PR.06-03 BLANKSHEETAL.
C. Discovered that $6,000 of the merchandise purchased in (a) was defective and returned items, receiving credit
d. Purchased $4,700 of merchandise from Wright Co. on account, terms n/30
e. Received a refund from Wright Co. for return in (c) less the purchase in (d)
Check My Work
2 more Check My Work uses remaining
Previous
Next
Progress: 2/6 items
Assignment Score: 7.14%
All work saved
Email InstructorSave and Exit Submit Assignment for Grading
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Cengage xCengageNOWv2 | Online teachin x b My Questions | bartleby × M Inbox-saan.a0416@gmail.com + ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 6-3 Exercises & Problems eBook Show Me Hovw Print Item Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company a. Purchased $30,000 of merchandise from Wright Co. on account, terms 2/10, n/30 1. EX.06-07 ALGO 2. EX 06-08. ALGO 3. EX.06-13 ALGO 4. EX.06-25 ALGO 5. EX.06-24 ALGO b. Paid the amount owed on the invoice within the discount period 6. PR.06-03 BLANKSHEETAL. C. Discovered that $6,000 of the merchandise purchased in (a) was defective and returned items, receiving credit d. Purchased $4,700 of merchandise from Wright Co. on account, terms n/30 e. Received a refund from Wright Co. for return in (c) less the purchase in (d) Check My Work 2 more Check My Work uses remaining Previous Next Progress: 2/6 items Assignment Score: 7.14% All work saved Email InstructorSave and Exit Submit Assignment for Grading

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Expert Answer

Step 1

Recording business transactions in the Journal with the help of debit credit rules of the double entry  is called journal entry.

Trade discounts represents a reduction in the listed price of a product or services. Companies generally provide these incentives to larger customer groups to purchase from the company. Trade discounts can also be a way to change prices without publishing a new price or to disguise new prices from competitors. Companies don\'t recognize trade discounts directly when recording a transaction. Instead they recognize trade discounts indirectly by recording the sale...

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