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Journalize the following transactions for Clark Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. December 1 Purchased goods
Journalize the following transactions for Clark Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. December 1 Purchased goods from Henderson Company on account, $8,000, terms 4/10, n/30. December 7 Returned merchandise to Henderson Company that was previously purchased on account, $1,600. December 12 Paid the amount due to Henderson Company
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