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Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021,
Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27, 2021. Net Solution paid ABC Shipping agency $136 for the delivery and paid the balance on Nov 4. Assume the company uses perpetual inventory system. Journalize all the transactions for Net Solutions.
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Step 1 Oct 21 Debit Accounts Payable 200 units x 15 3000 Credit ...
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
20th Edition
1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870
