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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.
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. October 1: Callaho Inc.'s merchandise was sold to Segura Corporation for $2,700 under credit terms of 2/15, n/90, FOB shipping point. The cost of the merchandise was $2,295. b. October 25: Segura Corporation paid Callaho Inc. 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 (i.e., January 15 would be 15/ Jan). Please use the ' + ' and '-' buttons to change the number of accounts (if necessary) for each journal entry. a) Segura Corporation b) Callaho Inc
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