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Journalize the following transactions for the buyer, Ramirez Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. December 5
Journalize the following transactions for the buyer, Ramirez Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. December 5 Purchased merchandise from Simmons Company on account, $12,000, terms 5/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $200. December 11 Returned to Simmons Company merchandise previously purchased on account, $1,200. December 16 Paid the amount due to Simmons Company. Dal Account Title Debit Credit
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