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I need help on journal entries 1-4 M6-6 Preparing Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual System (LO 6-3 Trucking,
I need help on journal entries 1-4
M6-6 Preparing Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual System (LO 6-3 Trucking, immediately retumed goods to Amenican Wholesaling costing $1.600, and then took advantage of American Wholesaling's 2/10, n/30 purchase discount Prepare journal entries to record the inventory transactions, assuming Anderson's us inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 27,000 27,000 1 Record the inventory purchased of $27,000 on account. 2 Record transportation costs of $690 incurred, but not yet / paid for the inventory shipment. 3 Record part of the inventory returned of $1,60o. 4 Record the payment within the discount period to American Wholesaling for the inventoryStep by Step Solution
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