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Merchandising Accounting

Buyer's retail entries: Problem type $1$

Journalize the following transactions for Smith Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system.

August $9$ Purchased goods from Anderson Company on account, $$5,000,$ terms $5/10,\frac{n}{30}.$

August $15$ Returned merchandise to Anderson Company that was previously purchased on account, $$500.$

August $19$ Paid the amount due to Anderson Company.

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