Journalize entries for the following related transactions, assuming that Mountain Gallery, Inc. uses the periodic inventory system.

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a. Purchased $12,000 of merchandise from Yellowstone Co. on account, terms 2/10, n/30.

b. Discovered that some of the merchandise was defective and returned items with an invoice price of $2,500, receiving credit.

c. Paid the amount owed on the invoice within the discount period.

d. Purchased $9,000 of merchandise from Glacier, Inc. on account, terms 1/10, n/30.

e. Paid the amount owed on the invoice within the discount period.

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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Question Posted: Nov 19, 2012 06:44 AM

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Journalize entries for the following related transactions, assuming that Mountain Gallery, Inc. uses the periodic inventory system.

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a Purchases 12000 Accounts PayableYellowstone Co 12000 b Accounts PayableYel...View the full answer

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