Homework Answers
1.
Journal
|
July 8 |
Inventory |
160,800 |
|
|
Accounts payable - MegoBlock Toys |
160,800 |
||
|
July 12 |
Accounts payable |
16,000 |
|
|
Inventory |
16,000 |
||
|
Nov. 15 |
Accounts payable - MegoBlock Toys |
144,800 |
|
|
Cash |
141,904 |
||
|
Inventory |
2,896 |
Final amount due = Cost of goods purchased - Cost of goods returned
= 160,800 - 16,000
= $144,800
Discount amount = Final amount due x Discount percentage
= 144,800 x 2/100
= $2,896
Cash payment to be made = Final amount due - Discount amount
= 144,800 - 2,896
= $141,904
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