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Stevens Company uses a perpetual inventory system. On July 10, Stevens Company purchases $50,000 of...

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Accounting

Stevens Company uses a perpetual inventory system. On July 10, Stevens Company purchases $50,000 of inventory on credit with payment terms of 1/10, net 30.

Required:

Using the gross price method, prepare journal entries to record Stevenss purchases on July 10 and the subsequent payment on July 18.

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