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Prepare journal entries for Houston Souni (the purchaser) for the following transactions: August 25. Houston Sound purchased various items at a purchase price of: 358,260
Prepare journal entries for Houston Souni (the purchaser) for the following transactions: August 25. Houston Sound purchased various items at a purchase price of: 358,260 XYZ's (the seller) cost for the items purchased was: $ 255,900 Purchase terms are 2/10, n/30 (2 points). September 1. Houston Sound returned the following amount of inventory to XYZ: $ 119,420 XYZ's cost of the inventory that was returned was: $ 85,300 (2 points). September 1. Houston Sound returned the following amount of inventory to XYZ: $ 119,420 XYZ's cost of the inventory that was returned was: $ 85,300 (2 points). September 3. Houston Sound paid for the following amount of the inventory: $ 153,540 (3 points) September 19. Houston Sound paid for the following amount of the inventory: $ 85,300 (2 points)
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