Following are the October 2022 transactions for Computer Solutions. The company extends credit terms of...
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Accounting
Following are the October 2022 transactions for Computer Solutions. The company extends credit terms of n/30, FOB shipping point, to all customers who purchase merchandise. Computer Solutions uses a perpetual inventory system and uses the gross method to record purchases and sales on account. Inventory is maintained using FIFO for general ledger purposes.
What is the journal entry for this?
The company paid for merchandise purchased from Kansas Corp. on Sept 10 with a cost of $10,760 and terms of 1/10, n/30, FOB shipping point, invoice dated September 10.
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