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Q.1 Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, $5,000, terms
Q.1 Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:
June 11 Purchased merchandise on account, $5,000, terms 2/10, n/30.
15 Returned part of June 11 purchase, $800, and received credit on account.
30 Prepared the adjusting entry required for financial statements.
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