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Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
Nov. Purchased units of product at a cost of $ per unit. Terms of the sale are ; the invoice is dated November
Returned defective units from the November purchase and received full credit.
Paid the amount due from the November purchase, minus the return on November
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