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Vestels Co. is the company uses a perpetual inventory system, records purchase at net cost, and records sales revenue at full invoice price. Record the
Vestels Co. is the company uses a perpetual inventory system, records purchase at net cost, and records sales revenue at full invoice price. Record the following transactions in the general journal for Vestel Corp. Sept 1 2 Purchased five Rico copying machines on account from Teknosa. Per machine invoice price was $8,500 ($42,500 total); terms of 3/10, n/30. These machines are intended for resale. Vestel paid $5.500- for freight bill. 3wwwwww...Xestel found one of the Rico copiers to be defective and returned it to Teknosa. thus reducing the amount owed. 9 19 Vestel sold two of these Rico copiers to Morris Realty. The sales price was $15.000, terms 5/10, n/60. (Vestel uses Averege Inventory costing Mthd.). Calculate COGS! Vestel Received full payment from Morris, less the allowable discount
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