BE5-12 Prepare the journal entries to record these transactions on Allied Companys books using a periodic inventory
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BE5-12 Prepare the journal entries to record these transactions on Allied Company’s books using a periodic inventory system.
(a) On March 2, Allied Company purchased $1,000,000 of merchandise from B. Streisand Company, terms 2/10, n/30.
(b) On March 6 Allied Company returned $130,000 of the merchandise purchased on March 2 because it was defective.
(c) On March 12 Allied Company paid the balance due to B. Streisand Company.
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Related Book For 
Financial Accounting
ISBN: 9780470128848
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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