Question Three: Journalize the following selected transaction for Paradise Co. during July 2022 12th July, Purchased merchandise inventory from Korman Co. list price $88,000, Trade discount 15%, Term of credit, 1/15, n/30. FOB shipping points prepaid freight $400. 14th July Sold merchandise inventory to Turner Co. list price $120,000, Trade discount 20%. Sales tax rate 10%. Cost of merchandise sold $50,000Term of credit, 3/5, n/20. FOB shipping point. 15th July made a full payment to Korman Co for merchandise purchased on July 12th. 16th July received full payment from Turner Co. for merchandise sold on July 14th 18th July Turner Co. return part of goods sold to on 14th July list price $20,000. Trade discount 20% sale tax 10 %. Cost of merchandise return $1000.

Question Three: Journalize the following selected transaction for Paradise Co. during July 2022 12th July, Purchased merchandise inventory from Korman Co. list price $88,000, Trade discount 15%, Term of credit, 1/15, n/30. FOB shipping points prepaid freight $400. 14th July Sold merchandise inventory to Turner Co. list price $120,000, Trade discount 20%. Sales tax rate 10%. Cost of merchandise sold $50,000Term of credit, 3/5, n/20. FOB shipping point. 15th July made a full payment to Korman Co for merchandise purchased on July 12th. 16th July received full payment from Turner Co. for merchandise sold on July 14th 18th July Turner Co. return part of goods sold to on 14th July list price $20,000. Trade discount 20% sale tax 10 %. Cost of merchandise return $1000.

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Description: Ma1.Please answer fast Question Three:Journalize the following selected transaction for Paradise Co. during July 202212th July, Purchased merchandise inventory from Korman Co. list price $88,000, Trade discount 15%,Term of credit, 1/15, n/30. FOB shi

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 1CP

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