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Question 2: A Co. records purchase discounts lost at net amounts and uses perpetual inventories. Prepare journal entries in general journal form for the following:

Question 2:

A Co. records purchase discounts lost at net amounts and uses perpetual inventories. Prepare journal entries in general journal form for the following:

(a) Purchased merchandise costing $900 with terms 2/10, n/30.

(b) Payment was made thirty days after the purchase.

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