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Pronghorn Corporation, a private company following ASPE, uses a perpetual inventory system. On July 1, Pronghorn purchased $69,000 of inventory, terms 2/10,n/30, f.0.b. shipping point.
Pronghorn Corporation, a private company following ASPE, uses a perpetual inventory system. On July 1, Pronghorn purchased $69,000 of inventory, terms 2/10,n/30, f.0.b. shipping point. Pronghorn paid freight costs of $1,300. On July 3, Pronghorn returned damaged goods and received a credit of $6,900. On July 10, Pronghorn paid for the goods. Prepare all necessary journal entries for Pronghorn. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit (To record purchase on account) (To record freight on purchase) >
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