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Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual Inventory system.

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Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual Inventory system. a. February 1: Dylex Corporation sold merchandise that cost $6,035 to Star Inc. for $7,100 under credit terms of 2/30, 60, FOB shipping point, 6. February 13. Dylex Corporation issued a $2.000 credit memorandum to Star Inc. for an allowance on goods sold on February 1 c. February 14: Star Inc. paid Cylex Corporation the balance due Enter the transaction letter as the description when entering the transactions in the journal, Dates must be entered in the format dd mmm (.e., January 15 would be 18 Jan) Please use the wand button to change the number of accounts (if necessary for each journal entry a) Star Inc b) Dylex Corporation Dal General Journal Account Explanation Page GJS F Dot Credit General Journal Account Explanation Page 2 F Debit Credo

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