Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1 , Roley purchased 60,000 of inventory, terms 2 / 10, n / 30, f.o.b. shipping point. Roley paid freight costs of 1,200. On July 3, Roley returned damaged goods and received a credit of ,000. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley. | Numerade
Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1 , Roley purchased 60,000 of inventory, terms 2 / 10, n / 30,
VIDEO ANSWER: Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1 , Roley purchased \ 60,00…
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