Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the
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Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
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Oct. 1 Oct. 1 Oct. 8 Oct. 9 Purchased inventory on account from Price Inc. for $2,000 Purchased inventory on account from Cabrera Inc. for $3,000 Returned half of the inventory to Price Inc. Purchased inventory on account from Price Inc. for $4,200
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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