Answer:
See explanation section.
Explanation:
March 1, Purchased Debit $90,000
Accounts payable Credit $90,000
<em>Note: To record the purchased on account.</em>
March 9, Accounts payable Debit $90,000
Cash Credit $88,200
Purchased discount Credit $1,800
Calculation: $90,000 - ($90,000 × 2%) = $88,200
<em>Note: To record the payment.</em>
March 11, No journal entry required.
March 18, Purchased Debit $10,000
Accounts payable Credit $10,000
<em>Note: To record the purchased on account.</em>
March 20, Cash Debit $17,640
Refunds payable Credit $17,640
<em>Note: To record the return.</em>
