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is used is used u Question 18 Kent Co. uses periodic Inventory The following transactions are for lune of 2020: June 11 Purchased merchandise on

is used is used
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u Question 18 Kent Co. uses periodic Inventory The following transactions are for lune of 2020: June 11 Purchased merchandise on account. $60,000 Invoice price), terms 2/10, n/30 15 Returned part of June 11 purchase. $3.000 (invoice price), and received credit on account 18 Paid cash on $40,000 (invoice price) of the payable that was from June 11 purchase. 30 Prepared the adjusting entry, if required for financial statements. Required (18 points): a) Prepare journal entries for the above transactions or events assuming the gross price method is b) Prepare journal entries for the above transactions or events assuming the net price method is u Edit Format Table

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