Prepare journal entries to record each of the following transactions. The company records purchases using the gross
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Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.
May 1. Purchased merchandise with a price of $800 and credit terms of n∕30.
7. Returned merchandise that had a price of $100.
31. Paid the amount due from the May 1 purchase, minus the May 7 return.
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Date General Journal Debit Credit May 01 Inventory 800 Accounts payabl...View the full answer
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