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Stuart Company purchased goods for $ 84,000 on June 14, under the following terms: 3/10, n/ 30; FOB shipping point, freight collect. The bill for
Stuart Company purchased goods for $ 84,000 on June 14, under the following terms: 3/10, n/ 30; FOB shipping point, freight collect. The bill for the freight was paid on June 15, $ 1,200.
- Assume that the invoice was paid on June 24, and prepare all entries required on Stuart Companys books.
- Assume that the invoice was paid on July 11. Prepare the entry to record the payment made on that date.
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