question archive The Low Priced Store purchased $200 of lemons from a local supplier on account
The Low Priced Store purchased $200 of lemons from a local supplier on account
Subject:AccountingPrice: Bought3
The Low Priced Store purchased $200 of lemons from a local supplier on account. The next day, one of the managers of The Low Priced Store noticed about $50 worth of lemons was in poor quality and unable to sell. The local supplier gave the Low Priced Store credit for the defective produce. Write the journal entries for both the purchase of the produce and the return of the produce with explanations.
