Make the journal entry to record each of the following transactions: (a) The company purchased inventory for

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Make the journal entry to record each of the following transactions:
(a) The company purchased inventory for $5,000. The purchase was made on account.
(b) The company paid cash of $3,500 on its account with one of its suppliers from whom it regularly purchases inventory. The inventory purchase itself was recorded previously.
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Intermediate Accounting

ISBN: 978-1133957911

19th edition

Authors: Earl K. Stice, James D. Stice

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