Stylon Co., a women's clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo. a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.

Stylon Company.

General Journal

Net Method

The following entries have been passed using net method.

Sr. No               Particulars                        Debit            Credit

a.                Merchandise Inventory         47040

                   Accounts Payable                                 47040

Purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system

b.           Accounts Payable               7350

                      Merchandise Inventory                    7350

Stylon returned merchandise with an invoice amount of $7,500,

c.                    Accounts Payable            39690

                                         Cash                                     39690

Stylon's entry to record the payment within the discount period of 10 days

d.                Discount Lost                     810

                             Accounts Payable                         810

                    Accounts Payable          40500

                                 Cash                                        40500        

Stylon's entry to record the payment beyond the discount period of 10 days.

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