Prepare journal entries to record each of the following transactions. The company records purchases using the gross
Question:
Prepare journal entries to record each of the following transactions.
The company records purchases using the gross method and a perpetual inventory system.
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June 1 9 Purchased merchandise with a price of $450 and credit terms of n/45. Received a $50 allowance (for scratched merchandise) toward the June 1 purchase. July 16 Paid the amount due from the June 1 purchase, minus the June 9 allowance.
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