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Presented below are transactions related to Concord, Inc. Concord uses the periodic inventory method. May 10 11 Purchased goods billed at $12,300 subject to cash
Presented below are transactions related to Concord, Inc. Concord uses the periodic inventory method. May 10 11 Purchased goods billed at $12,300 subject to cash discount terms of 2/10, 1/60. Purchased goods billed at $12.500 subject to terms of 1/15,6/30 Paid invoice of May 10 Purchased goods billed at $13.900 subject to cash discount terms of 2/10, 1/30, 19 24 (a) Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 6,578. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 10 Purchases 12,054 Date Account Titles and Explanation Debit Credit May 10 Purchases 12,054 Accounts Payable 12300 May 11 Purchases 12.375 Accounts Payable 12500 May 19 Accounts Payable 12500 Cash 246 May 24 Purchases 13.622 Accounts Payable 278
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