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Prepare journal entries to record each of the merchandising transactions assuming that the company records...

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Question

Accounting

Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the
gross method and a periodic inventory system.
November 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.
November 7 Returned 50 defective units from the November 5 purchase and received full credit.
November 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Journal entry worksheet
1
2
3
Purchased 750 units of product at a cost of $12 per unit. Terms of the sale are
410,n60; the invoice is dated November 5.
Note: Enter debits before credits.
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