Journalize the following transactions for the buyer, Martin Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. January 6 Purchased goods from Goldmark Company on account, $10,000, terms 4/10, n/30. January 12 Returned defective merchandise to Goldmark Company that was previously purchased on account, $2,000. January 16 Paid the amount due to Goldmark Company. Date Account Title Debit Credit X ?

Journalize the following transactions for the buyer, Martin Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. January 6 Purchased goods from Goldmark Company on account, $10,000, terms 4/10, n/30. January 12 Returned defective merchandise to Goldmark Company that was previously purchased on account, $2,000. January 16 Paid the amount due to Goldmark Company. Date Account Title Debit Credit X ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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