6. A retail sportswear company purchased merchandise of $500 on account from Awesome Sweats, a supplier. Awesome
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6. A retail sportswear company purchased merchandise of $500 on account from Awesome Sweats, a supplier. Awesome Sweats prepaid freight charges of $50 and added them to the invoice. The company’s accountant prepared the following journal entry to record the transaction (ignore posting references):
Debit Credit Purchases 550.00 Accounts Payable/
Awesome Sweats 550.00 What entry should have been made to record the transaction?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781259995156
4th Edition
Authors: M. David Haddock
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