Journalize the following transactions, using (1) the perpetual system and (2) the periodic inventory system, for the
Question:
a. Purchased $8,700 of merchandise on account, terms 2/10, n/30, FOB ship-ping point.
b. Paid $175 to the freight company for the delivery of the merchandise purchased.
c. Paid for the inventory purchased in Part a within the discount period.
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Perpetual Inventory System Journal DATE ACCOUNTS POST REF DR CR a Inventory 8700 Ac...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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