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5 of 8 View Policies v Current Attempt in Progress Information related to Grouper Yachts is presented below. -/5 E! On April 5, purchased merchandise
5 of 8 View Policies v Current Attempt in Progress Information related to Grouper Yachts is presented below. -/5 E! On April 5, purchased merchandise on account from George Nautical Supply for 35,500, terms 4/10, net/30, FOB shipping point. 1. 2. On April 6, paid freight costs of 790 on merchandise purchased from George. 3. On April 7, purchased equipment on account for 28,300. 4. On April 8, returned damaged merchandise to George and was granted a 6,100 credit for returned merchandise. 5. On April 15, paid the amount due to George in full. Prepare the journal entries to record these transactions on the books of Grouper Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit Assume that Grouper paid the balance due to George on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation May 4 Save for Later Debit Credit Attempts: unlimited Submit
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