Paramount Co., a women’s clothing store, purchased $60,000 of merchandise from a supplier on…

Paramount Co., a women’s clothing store, purchased $60,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Paramount Co. returned $12,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Journalize Paramount Co.’s entries to record (a) The purchase, (b) The merchandise return, (c) The payment.View Solution:
Paramount Co a women s clothing store purchased 60 000 of merchandise