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Prepare the journal entries to record these transactions on Kimbrel Companys books using a periodic inventory system. (Credit account titles are automatically indented when amount
Prepare the journal entries to record these transactions on Kimbrel Companys books using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(a) | On March 2, Kimbrel Company purchased $915,700 of merchandise from Pineda Company, terms 3/10, n/30. | |
(b) | On March 6, Kimbrel Company returned $103,000 of the merchandise purchased on March 2. | |
(c) | On March 12, Kimbrel Company paid the balance due to Pineda Company. |
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