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Have a problem Lamprino Appliance uses a perpetual system. I have three different merchandising transactions. I need to prepare journal entries to record these transactions
Have a problem Lamprino Appliance uses a perpetual system. I have three different merchandising transactions. I need to prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at net cost and gross invoice price? Also assume that you are evaluating the efficiency of Lamprino's bill paying procedures? Which accounting method - net cost or gross invoice price provides you with the most useful information?
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