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54 Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.
54 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 $900 and credit terms of n/30. May 7 Returned merchandise that had a price of $150. May 31 Paid the amount due from the May 1 purchase, minus the May 7 return.
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
