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Journalize the following transactions for Collins Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. March 6 Purchased goods
Journalize the following transactions for Collins Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. March 6 Purchased goods from Wilson Company on account, $5,000, terms 1/10, n/30. March 12 Returned merchandise to Wilson Company that was previously purchased on account, $500. March 16 Paid the amount due to Wilson Company. Date Account Title. Debit Credit
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