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QS 5-8 Recording purchases and returns; no discounts Prepare journal entries to record each of the following transactions. The company records purchases using the gross
QS 5-8 Recording purchases and returns; no discounts Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. May 1 Purchased merchandise with a price of $800 and credit terms of 30. 7 Returned merchandise that had a price of $100. 31 Paid the amount due from the May 1 purchase, minus the May 7 return
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