Consider the following transactions for KC Toys: (Click the icon to view the transactions) Requirements 1 Journalize the purchase transactions. Explanations are not required. In the final analysis, how much did the inventory cost KC Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system Record debits first, then credits.
Exclude explanations from journal entries.) credit terms of 2/10, n/30 Aug. 6: KC Toys buys $108,300 worth of ConnectABlock toys on account v Credit Date Accounts Debit Aug 6 -X i More Info s $108,300 worth of ConnectABlock toys on account with credit terms of Aug. 6 2/10 n/30 Aug. 11: KC Toys returns $10,750 of the merchandise to ConnectABlock due to damage during shipment 11 KC Toys returns $10,750 of the merchandise to ConnectABlock due to damage during shipment Date Accounts Debit Credit 16 KC Toys paid the amount due, less return and discount Aug. 11 Print Done Aug. 16: KC Toys paid the amount due, less the return and discount. Date Accounts Delhi Credit Aug. 16 Choose from any list or enter any number in the input fields and then continue to the next question. Get Accounting homework help today
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