Purchase Discounts (Periodic System) Murphy Company purchased merchandise of $40,000, terms 2/10, n/30. Periodic System...
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Purchase Discounts (Periodic System) Murphy Company purchased merchandise of $40,000, terms 2/10, n/30. Periodic System a) Prepare the necessary journal entries to record the purchase of inventory and make the payment within the discount period using the Gross Method Date Account Description Debit Credit b) Prepare the necessary journal entries to record the payment assuming it is made after the discount iod has expired using the Gross Method Date Account Description Debit Credit c) Prepare the necessary journal entries under the net method assuming the payment is made within the discount period Date Account Description Debit Credit d) Prepare the necessary journal entries under the net method assuming the payment is made after the discount period has expired Date Account Descri Debit Credit
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