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E6-19 (Supplement 6A) Recording Journal Entries for Purchases and Purchase Discounts (Gross Method) Using a Perpetual Inventory System [LO 6-S1 During the months of January
E6-19 (Supplement 6A) Recording Journal Entries for Purchases and Purchase Discounts (Gross Method) Using a Perpetual Inventory System [LO 6-S1 During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was a follows: Jan. 6 Purchased goods for $2,200 from Green with terms 3/18, n/3e. 6 Purchased goods from Munoz for $1,900 with terns 3/18, n/3e 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $850 from Reynolds with terms n/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 e transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the inventory purchased of $2,200 on account from Green with terms 3/10, n/30
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