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Business, 06.03.2020 15:43 nacho5317

Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 750 units of product at a cost of $12 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 50 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.

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Prepare journal entries to record each of the following transactions of a merchandising company. The...
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