Consider the following transactions for Gaby Packing Supplies:
Apr. 10: Gaby Packing Supplies...
Business, 26.03.2020 17:47 bellamyciana
Consider the following transactions for Gaby Packing Supplies:
Apr. 10: Gaby Packing Supplies buys $ 180,000 worth of merchandise inventory on account with credit terms of 1/10, n/30. Date Accounts Debit Credit Apr. 10 Apr. 12: Gaby returns $ 10, 000 of the merchandise to the vendor due to damage during shipment.
1. Journalize the purchase transactions assuming Gaby Packing Supplies uses the periodic inventory system. Explanations are not required.
2. What is the amount of net purchases?
Answers: 2
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