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Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Cullumber Ltd . for
Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:
April Purchased merchandise from Cullumber Ltd for $ terms FOB shipping point.
The appropriate company paid freight costs of $ on the merchandise purchased on April
Purchased supplies on account for $
Returned merchandise to Cullumber and received a credit of $ The merchandise was returned to inventory for future resale.
Paid the amount due to Cullumber in full.
Record the above transactions in Ivanhoe's books. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
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