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During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $1,600 from Green with terms 2/10, 1/30. January 6 Purchased goods from Munoz for $1,300 with terms 2/10, n/30. January 14 Pald Green in full. February 2 Paid Munoz in full. February 28 Purchased goods for $550 from Reynolds with terms w/45. Required: Prepare Journal entries to record the transactions, assuming Axe records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet - No Date General Journal Debit Credit
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