Prepare the journal entries to record the following purchase transactions in Xiaoyan Ltd.'s books. Xiaoyan uses a

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Prepare the journal entries to record the following purchase transactions in Xiaoyan Ltd.'s books. Xiaoyan uses a perpetual inventory system.

Jan. 2 Xiaoyan purchased $10,000 of merchandise from Feng Corp., terms 1/10, n/30, FOB destination.

5 The appropriate company paid freight costs of $150.

6 Xiaoyan returned $1,000 of the merchandise purchased on January 2, because it was not needed.

11 Xiaoyan paid the balance owed to Feng.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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Question Posted: Jul 18, 2017 01:46 AM

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Prepare the journal entries to record the following purchase transactions in Xiaoyan Ltd.'s books. Xiaoyan uses a

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