Consider the following transactions for Partytime Toys:
October 8 Partytime Toys buys $141,800 worth of MegoBloack toys on account with credit terms of 2/10, n/30
October 11 Partytime Toys returns $14,100 of the merchandise to MegoBlock due to damage during shipment.
October 15 Partytime Toys paid the amount due, less the return and discount.
Required
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Partytime Toys?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Consider the following transactions for Partytime Toys: October 8 Partytime Toys buys $141,800 worth of MegoBloack toys on account with ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
In ___, a committee or group of people often make the buying decision and consider the organization's objectives, purchasing policies, resources, and personnel. consumer buying, business buying, institutional buying government buying
Answers (1)
In a typical growth pattern, the owner hires managers to run the firm during which stage of development? A. Stage 1 B. Stage 2 C. Stage 3 D. Any stage
Answers (1)
A. 17.2, B. 15.12 C. 12% D. 18.7% What would be the weighted average cost of capital for Lam Bakery, Inc.
Answers (1)
Which statement FALSE? A. During the process of developing vision and mission statements, some organizations use discussion groups of managers to develop and modify existing statements. B.
Answers (1)
Non-trade receivables should be reported separately from trade receivables. Why is this statement either true or false? A) It is true because trade receivables are current assets and non-trade receivables are long term.
Answers (1)
New Questions in Business
The Jameson Company just paid a dividend of $0.75 per share, and that dividend is expected to grow at a constant rate of 5.50% per year in the future. The company's beta is 1.15, the market risk premium is 5.00%, and the risk-free rate is 4.00%.
Answers (1)
If redbox is successful at attracting customers to a location, then mcdonald's could possibly realize
Answers (1)
You are interested in buying a share of stock in CAD Corporation. You expect a dividend payment of $0.50 next year and that the dividend will grow by 5% per year thereafter. You desire a 10% return on your purchase.
Answers (1)
If you were an employer who wanted to increase volunteerism among your employees, what strategy would you employ in order to increase the chances that the employees would continue to volunteer in the future?
Answers (1)
internal control procedures must be in the place to ensure that all current peroid's adjustments are delayed and will be recorded within the next accounting peroids.
Answers (1)