Answer:
Explanation:
The journal entries are shown below:
(A) Purchase A/c Dr $60,000
To Accounts Payable A/c $60,000
(Being inventory is purchased on credit basis)
(A) (2) Freight in Dr $1,200
To Cash A/c $1,200
(Being freight is paid for cash)
(B) Accounts Payable A/c Dr $6,000
To Purchase Return $6,000
(Being returned goods are recorded)
(C) Accounts Payable A/c Dr $54,000
To Purchase Return $1,080
To Cash A/c $52,920
(Being the cash is paid for cash)
The computation is shown below:
Accounts payable would be
= $60,000 - $6,000
= $54,000
And, the purchase return would be
= $54,000 × 2%
= $1,080
And, the remaining balance is credited to cash account
