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The whole page 8 SHOW COMPUTATIONS TO RECEIVE PARTIAL CREDIT Menke Company is a furniture retailer and uses the perpetual inventory system on January 14.
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8 SHOW COMPUTATIONS TO RECEIVE PARTIAL CREDIT Menke Company is a furniture retailer and uses the perpetual inventory system on January 14. Menke purchased merchandise inventory at a cost of $45,000, terms 2/10, 1/36. On January 22, Menke paid 9900 freight for this merchandise. Prepare journal entries to record each of the following transactions that relate to the January 14 purchase. a (2 points) On January 16, Menke received a price adjustment, reducing the cost of the inventory by $200 b. (3 points) The accounts payable for the merchandise purchase was settled (paid) on January 21. C. (4 points) Menke sold the inventory on account for $80,000 on January 22 (2 point bonus) Record the accounts payable payment made by Menke under the assumption that it was made January 30 rather than January 22 Step by Step Solution
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