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Record the transaction from the buyer perspective

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Reference no: EM132720010

Question - Purchase-Related Transactions

Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $30,500, terms n/30. The cost of the merchandise sold is $18,300. Showcase Co. issues a credit memo for $5,500 as a price adjustment prior to Balboa Co. paying the original invoice.

Required -

Journalize Balboa Co.'s entry for the purchase. If an amount box does not require an entry, leave it blank.

Record the transaction from the buyer's perspective. A purchase increases inventory and the amount that is owed on account.

Journalize Balboa Co.'s entry for the credit memo. If an amount box does not require an entry, leave it blank.

Reference no: EM132720010

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