Prepare journal entries to record each of the following transactions of a merchandising company. The...
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Accounting
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. Novenber 5 purchased 1,300 units of product at a cost of $20 per unit. Terss of the sale are 3/10, n/60, the invoice is dated Novenbly 5 . Novenber 7 Returned 45 defective units fron the November 5 purchase and received full credit. Novenber 15 Paid the anount due fram the November 5 purchase, minus the return on November 7 . Journal entry worksheet Purchased 1,300 units of product at a cost of $20 per unit. Terms of the sale are 3/10,n/60; the invoice is dated November 5 . Notel Enter debits before cred is
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