Prepare the journal entries to record the following purchase transactions in Xtra Inc.'s books. Xtra uses a
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Jan. 2 Xtra purchased goods for $45,000 from Fundy Corp., terms 2/10, n/45, FOB destination.
5 The appropriate company paid freight costs of $900.
6 Xtra returned $6,000 of the goods purchased on January 2, because it was not needed.
11 Xtra paid the balance owed to Fundy.
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Jan 2 Inventory 45000 Accounts Payable 45000 5 ...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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