Suppose Toys Plus buys $200,000 of LEGO toys on January 15 on credit terms of 2/15, n/45. Some of the goods are damaged in shipment, so on January 20 Toys Plus returns $25,000 of the merchandise to LEGO. Assuming Toys Plus uses a periodic inventory system, how much must Toys Plus pay LEGO: a. After the discount period? b. Within the discount period? c. Journalize the purchase of the goods. An explanation is not required. d. Journalize the return of the damaged goods. An explanation is not required.
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