Roley paid freight costs of 1430. on july 3 roley returned, Ask an Expert

Accounting

Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1,Roley purchased $88,000 of inventory, terms 2/10, n/30, FOB shipping point. Roley paid freight costs of $1,430. On July 3, Roley returned damaged goods and received credit of $8,800. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945736

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