(Answered) Exercise - purchase-related transactionsjournalize entries

Accounting

Exercise - Purchase-Related Transactions

Journalize entries for the following related transactions of Blue Moon Company:

a. Purchased $43,000 of merchandise from Sierra Co. on account, terms 2/10, n/30.

b. Paid the amount owed on the invoice within the discount period.

c. Discovered that $8,600 of the merchandise was defective and returned items, receiving credit.

d. Purchased $7,000 of merchandise from Sierra Co. on account, terms n/30.

e. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).

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