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Wasatch Tech purchases goods with an invoice price of $4,200 and terms of 3/10, n/30 and pays the net amount after 8 days. Prepare the
Wasatch Tech purchases goods with an invoice price of $4,200 and terms of 3/10, n/30 and pays the net amount after 8 days. Prepare the journal entries to record the purchase and payment if Wasatch records cash discounts at gross.
Account Debited for Purchase
Amount Debited for Purchase
Account Credited for Purchase
Amount Credited for Purchase
Account Debited for Payment
Amount Debited for Payment
Account 1 Credited for Payment
Amount 1 Credited for Payment
Account 2 Credited for Payment
Amount 2 Credited for Payment
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