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Required information [ The following information applies to the questions displayed below. ] Comfort Company purchased 1 5 0 units of inventory on November 1
Required information
The following information applies to the questions displayed below.
Comfort Company purchased units of inventory on November The units have a list
price of $ each, but Comfort was given a trade discount. The terms of the sale were
Comfort uses a perpetual inventory system.
Prepare the journal entries to record the a purchase by Comfort on November and payment on November
and b December using the net method of accounting for purchase discounts.
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