!. Required information Exercise 8-11(Algo) Trade and purchase discounts; the gross method and the...
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Required information
Exercise Algo Trade and purchase discounts; the gross method and the net method compared LO
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Comfort Company purchased units of inventory on November The units have a list price of $ each, but Comfort was given a trade discount. The terms of the sale were Comfort uses a perpetual inventory system.
Exercise Algo Parts and
Required:
Prepare the journal entries to record the a purchase by Comfort on November and b payment on November Comfort uses the gross method of accounting for purchase discounts.
Prepare the journal entry for the payment, assuming instead that it was made on December
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