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Create the adjusting entry necessary on august

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Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses:

Question 1: Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time

How do you calculate this problem with the following information?

Point 1: Aug 10 purchased merchandise on account, $12600, terms 2/10, n/30

Point 2: aug 13 returned part of the purchase of aug 10, $1300, and received credit on account

Point 3: aug 15 purchased merchandise on account, $16500, terms 1/10, n/60

Point 4: aug 25 purchased merchandise on account $20,100 terms 2/10, n/30

Point 5: Aug 28paid invoice of august 15th in full.

Reference no: EM132474279

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