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I need help with this question. The bubbles that i left blank i was told should be purchases or inventory yet both were marked as
I need help with this question. The bubbles that i left blank i was told should be "purchases" or "inventory" yet both were marked as incorrect. Also, please check that the numbers i have submitted are correct. Please help! Thank you.
Question 5 This information relates to Ivanhoe Co. 1. On April 5, purchased merchandise from Pharoah Company for $26,400, terms 2/10, n/30. 2. On April 6, paid freight costs of $2,400 on merchandise purchased from Pharoah Company . On April 7, purchased equipment on account for $37,400. 4. On April 8, returned some of the April 5 merchandise to Pharoah Company, which cost $4,600 5. On April 15, paid the amount due to Pharoah Company in full. Date Account Titles and Explanation Debit Credit April 5 Purchases 26,400 Accounts Payable 26,400 April 6 2,400 Cash 2,400 April 7 Equipment 37,400 Accounts Payable 37,400 April 8 Accounts Payable 4,600 4,600 April 15 Accounts Payable 21,800 436 Cash 21,364Step by Step Solution
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