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What account is debited on july

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On July 3, OK Appliances purchased 70,000 of merchandise to resell, terms 3/15, n/30, from Maytug Co, Assume that OK Appliances uses the perpetual inventroy system.

Question a. What account is debited on July 3 when the merchandise is purchased?

Question b On july 9, OK appliances returned 10,000 of merchandise purchased.

1) what account is debited on JUly 9 for the return?
2) How much does OK appliances Owe maytug Co after the return ( whats the balance in account payable to Maytug Co)

Question c. OK Appliances pays the balance due on july 17. How much is paid to maytug Co?

Reference no: EM132687850

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