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Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the month Sandhili made inventory purchases of $83,900 on terms of
Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the month Sandhili made inventory purchases of $83,900 on terms of 2/10.n/30. Sandhill returned $4.200 worth of goods during the month. Sandhill made all payments in time to take advantage of the offered cash discounts during the month. Sandhill sold inventory on account with a value of $71.900 and a markup of 30% on the cost. These were the only irventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to: (a) Prepare the journal entry related to the purchase of goods. flist debit entey before credit entry, Credit account titles are outomatically indented when the amount is entered. Do not indent manually.)
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