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Need help with c This information relates to Sherper Co and Newport Company: 1. On April 5 purchased merchandise from Newport Company for $22,000, terms
Need help with c
This information relates to Sherper Co and Newport Company: 1. On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/10 2. On April 6 paid freight costs in of $900 on merchandise purchased from Newport. 3. On April 7 purchased equipment on account for $26,000 4 On April 8 returned some of the merchandise purchased on April 5 to Newport Company which cost Newport $2,000. 5. On April 15 paid the amount due to Newport Company in full. Required: (a) Prepare the journal entries to record the transactions listed above on the books of Sherper Co. Sherper Co. uses a perpetual inventory system. Assume that Sherper Co. paid the balance due to Newport Company on May 4 instead of (b) April 15. Prepare the journal entry to record this payment. (c) Prepare the journal entries to record the transactions listed above in item (a) on the books of Newport CompanyStep by Step Solution
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