Purchase-Related Transactions Mayn Co., a women’s clothing store, purchased $36,000

| March 29, 2017

Question
Purchase-Related Transactions
Mayn Co., a women’s clothing store, purchased $36,000 of merchandise from a supplier on account,
terms FOB destination, 2/10, n/30. Mayn Co. returned $4,000 of the merchandise, receiving a credit
memo, and then paid the amount due within the discount period.

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a. Journalize Mayn Co.’s entry to record the purchase.

Merchandise Inve

36000

Accounts Payabl

36000

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b. Journalize Mayn Co.’s entry to record the merchandise return.

Accounts Payabl

4000
4000

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c. Journalize Mayn Co. entry to record the payment.
For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

36000

4000

32000

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