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Name: Merchandise returned to vendor due to damage,is $25,000 + %10 VAT. Ven
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Description: Merchandise returned to vendor due to damage,is $25,000 + %10 VAT. Vendor issued a Bill of Exchange to XYZ Co. XYZ company accepted and signed to pay the Bill of Exchange in ten 10 days.

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Accounting

Merchandise returned to vendor due to damage,is $25,000 + %10 VAT. Vendor issued a Bill of Exchange to XYZ Co. XYZ company accepted and signed to pay the Bill of Exchange in ten 10 days.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2EA: Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250...

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Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
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