Record in T account form each of the following transactions, assuming the perpetual inventory system is used:

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Aug. 2 Purchased merchandise on credit from Indio Company, invoice dated August, 1, terms n/10, FOB shipping point, $1,150.

3 Received bill from Lee Shipping Company for transportation costs on August 2 shipments, invoice dated August 1, terms n/30, $105.

7 Returned damaged merchandise received from Indio Company on August 2 for credit, $180.

10 Paid in full the amount due to Indio Company for the purchase of August 2, part of which was returned on August 7.

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 23, 2012 12:38 AM

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Record in T account form each of the following transactions, assuming the perpetual inventory system is used:

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T accounts set up and entries posted 1150 180970 The balance of Cash is a credit b...View the full answer

Principles of Accounting

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