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Jan 1, 2008 ABC company purchased merchandise on account from XYZ company for $400,000. The term of the trade was: 4/16, n/30; FOB shipping
Jan 1, 2008 ABC company purchased merchandise on account from XYZ company for $400,000. The term of the trade was: 4/16, n/30; FOB shipping point and ABC paid $1,200 for transporting the goods. Required: Make necessary entries in the books of ABC and assume that ABC uses perpetual inventory system.
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Answer In the books of ABC company JOURNAL ENTRY DATE ...
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
1285866304, 978-1285866307
