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Journalize the following transactions for the buyer, Sanchez Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. July 9
Journalize the following transactions for the buyer, Sanchez Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. July 9 Purchased goods from Gilbert Company on account, $13,100, terms 4/10, n/30. July 15 Returned defective merchandise to Gilbert Company that was previously purchased on account, $3,275. July 19 Paid the amount due to Gilbert Company
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