10 Nov Madamé Co., a women’s clothing store, purchased $
Madamé Co., a women’s clothing store, purchased $10,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Madamé Co. returned $2,500 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Journalize Madamé Co.’s entries to record (a) the purchase, (b) the merchandise return, and (c) the payment.
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