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Please help! Easy transaction journalizing! Nov. 2: Purchased $3, 400 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point. Nov. 6:
Please help! Easy transaction journalizing!
Nov. 2: Purchased $3, 400 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point. Nov. 6: Returned $900 of defective merchandise purchased on November 2. Nov. 8: Paid freight bill of $150 on November 2 purchase. Nov. 10: Sold merchandise inventory on account for $6.200. Payment terms were 3/15, n/45. Nov. 11: Paid amount owed on credit purchase of November 2, less the return and the discount. Nov. 15: Granted a sales allowance of $600 on the November 10 saleStep by Step Solution
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