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Exercise AII-11 Special journal transactions-perpetual LO4 Simon Pharmacy uses the following journals: sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal.
Exercise AII-11 Special journal transactions-perpetual LO4 Simon Pharmacy uses the following journals: sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. On June 5, Simon purchased merchandise priced at $24,000, subject to credit terms of 2/10,n/30. On June 14 , the pharmacy paid the net amount due. However, in journalizing the payment, the bookkeeper debited Accounts Payable for $24,000 and failed to record the cash discount. Cash was credited for the actual amount paid. In what journals would the transactions of June 5 and June 14 have been recorded? What procedure is likely to discover the error in journalizing the June 14 transaction
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