Purchase-Related Transactions
Mayn Co., a women's clothing store, purchased $27,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Mayn Co. returned $4,300 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period.
a. Journalize Mayn Co.'s entry to record the purchase.
b. Journalize Mayn Co.'s entry to record the merchandise return.
c. Journalize Mayn Co.'s entry to record the payment. For a compound transaction, if an amount box does not require an entry, leave it blank.