Fresh Look Paint Store uses a perpetual inventory syst
Question and Solution
Fresh Look Paint Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16
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Fresh Look Paint Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $15,000 of merchandise from Central Paint Distributors, terms 2/10, n/30, FOB destination. 18 Fresh Look Paint Store received an allowance of $750 for the merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Central Paint Distributors. For each transaction, (a) prepare a journal entry to record the transaction and (b) indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate NE (no effect) if the transaction neither increased nor decreased any of these items.
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