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Required information [The following information applies to the questions displayed below.] Comfort Company purchased 130 units of inventory on November 17,2024 . The units have
Required information [The following information applies to the questions displayed below.] Comfort Company purchased 130 units of inventory on November 17,2024 . The units have a list price of $400 each, but Comfort was given a 30% trade discount. The terms of the sale were 3/10,n/30. Comfort uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26 , 2024. Comfort uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15,2024
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