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Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2010, Menke purchased merchandise inventory at a cost of $25,000.
Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2010, Menke purchased merchandise inventory at a cost of $25,000. Credit terms were 2/10, n/30. The inventory was sold on account for $40,000 on January 21, 2010. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2010 and the accounts receivable were settled on January 30, 2010. Prepare journal entries to record each of these transactions.
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