The Fast Frame Shop had the following transactions for the month of January 2019. Record the transactions on page 7 of a purchases journal and page 9 of a general journal. Total, prove, and rule the purchases journal as of January 31.
14 Returned defective frames to Murphy Company and received Credit Memorandum 103 for $50. The frames were originally purchased on Invoice 454 of January 3.
15 Purchased mats for $400 from Wilson Company Products, Invoice 299, dated January 11, net payable in 30 days.
22 Received Credit Memorandum 496 for $150 from Gunther Glass. The amount is an allowance for slightly discolored but usable glass purchased on Invoice 566 of January 5.
Definitions:
Invisible Hand
A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace.
Economic Prosperity
The state of flourishing, thriving, good fortune, and/or successful social status in terms of wealth, health, and happiness.
Incentives
Forms of motivation that aim to encourage people to perform actions or undertake activities by providing rewards or benefits.
Costs And Benefits
The analysis of a decision by comparing the expenses and disadvantages against the gains and advantages.
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