Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory
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Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method.
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May 1 12 31 Powell purchased merchandise with a price of $875 and credit terms of n/30. Powell returned merchandise that had a price of $125. Powell paid the amount due from the May 1 purchase, minus the May 12 return.
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