Question - Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. The company was charged $650 in transportation cost by National Trucking, immediately returned goods to American Wholesaling costing $1,200, and then took advantage of American Wholesaling's 2/10, n/30 purchase discount
1. Record the inventory purchased of $23,000 on account.
2. Record transportation costs of $650 incurred, but not yet paid for the inventory shipment.
3. Record part of the inventory returned of $1,200.
4. Record the payment in full for the inventory.