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Journalize the following transactions for the buyer, Long Company, using the gross method to account for purchase discounts. Assume a perpetual inventory. system. August 8
Journalize the following transactions for the buyer, Long Company, using the gross method to account for purchase discounts. Assume a perpetual inventory. system. August 8 August 14 August 18 Purchased merchandise from Rogers Company on account, $12,000, terms 2/10, n/30. The goods are shipped FOB shipping_point, freight prepaid by seller, $390. Returned to Rogers Company merchandise previously purchased on account, $800. Paid the amount due to Rogers Company. Date Account Title Debit Credit 5
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