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Date Description Feb 10 Purchased inventory costing $7,000, terms 2/10,n/30. Feb 18 Paid for the inventory purchased on Feb 10. Feb 25 Returned one-fourth (1/4)
Date Description Feb 10 Purchased inventory costing $7,000, terms 2/10,n/30. Feb 18 Paid for the inventory purchased on Feb 10. Feb 25 Returned one-fourth (1/4) of the inventory purchased on Feb 10 back to the supplier. The supplier will apply the return against future payables for Leon. Part A: Record the February transactions in the general journal below assuming Leon Inc. uses the periodic inventory system with the gross method for recording discounts. (12 pts s ) Part B: Record the February transactions in the general journal below assuming Leon Inc. uses the perpetual inventory system with the gross method for recording discounts. ( 12 pts )
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