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Need help with this please Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, (1)
Need help with this please
Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, (1) Roley purchased $84,100 of inventory, terms 2/10, n/30, FOB shipping point. (2) Roley paid freight costs of $1,850. On July 3, Roley returned damaged goods and received credit of $8,410. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley. (Round answers to O decimal places, e.g. 5,275. If no entry Is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Step by Step Solution
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