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Bolt Co. purchased $46,000 of inventory on July 1, 2022 with credit terms of 2/10, n/30. Bolt paid the invoice on July 10. 1. Assuming
Bolt Co. purchased $46,000 of inventory on July 1, 2022 with credit terms of 2/10, n/30. Bolt paid the invoice on July 10. 1. Assuming that Bolt uses the perpetual method for recording inventory transactions, record the purchase and payment using the gross method. 2. Assuming that Bolt uses the periodic method for recording inventory transactions, record the purchase and payment using the gross method.
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