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QS 5-7 Merchandise purchase: allowance-perpetual L03 Journalize each of the following transactions assuming a perpetual inventory system. Aug 2: purchased $14.000 of merchandise inventory: terms
QS 5-7 Merchandise purchase: allowance-perpetual L03 Journalize each of the following transactions assuming a perpetual inventory system. Aug 2: purchased $14.000 of merchandise inventory: terms 1/5, n/15. 4: Received a credit memo from the supplier confirming a $1.500 allowance regarding the August 2 purchase 17: Paid for the August 2 purchase, less the allowance.
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