Question

Prepare the journal entries to record these transactions on Nimmer Company’s books using a periodic inventory system.
(a) On March 2, Nimmer Company purchased $900,000 of merchandise from Sen Company, terms 2/10, n/30.
(b) On March 6, Nimmer Company returned $130,000 of the merchandise purchased on
March 2.
(c) On March 12, Nimmer Company paid the balance due to Sen Company.



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  • CreatedJanuary 30, 2014
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