Business

21 May, 06:06

Record journal entries for the following transactions of Furniture Warehouse.

July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5.

July 10: Furniture Warehouse returned 5 couches for a full refund.

July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500.

July 20: Furniture Warehouse paid their account in full with cash.

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