Refer to the data for Roley Corporation in BE13-1. Assuming that Roley instead uses the net approach
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Refer to the data for Roley Corporation in BE13-1. Assuming that Roley instead uses the net approach in accounting for its purchases, prepare all necessary journal entries for Roley.
IN BE
On July 1, Roley purchased $60,000 of inventory, terms 2/10, n/30, f.o.b. shipping point. Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received a credit of $6,000. On July 10, Roley paid for the goods.
Prepare all necessary journal entries for Roley.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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0701 Purchases 60000 X 98 58800 Accounts Payable ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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