Bazil Company Purchased Merchandise on Account from Office Suppliers for $62,000

question 126

Essay

Bazil Company purchased merchandise on account from Office Suppliers for $62,000, with terms of 1/10, n/30. During the discount period, Bazil returned some merchandise and paid $59,400 as payment in full. Bazil uses a perpetual inventory system. Prepare the journal entries that Bazil Company made to record the:
(1) purchase of merchandise.
(2) return of merchandise.
(3) payment on account.
(b) Weaver Company sold merchandise to Moore Company on account for $84,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $63,000. During the discount period, Moore Company returned $4,000 of merchandise and paid its account in full (minus the discount) by remitting $78,400 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Weaver Company made to record the:
(1) sale of merchandise.
(2) return of merchandise.
(3) collection on account.

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Definitions:

Pyramidal Neuron

A type of excitatory neuron found in areas of the brain such as the cerebral cortex, characterized by a triangular-shaped cell body.

Sensory Neuron

Cell that detects or carries sensory information into the spinal cord and brain.

Motor Neuron

A type of neuron responsible for conveying signals from the nervous system to muscles, inducing muscle contraction.

Association Cells

Neurons located in the brain's cortex that connect sensory and motor areas, and are involved in the integration of sensory inputs and cognitive processes.