Nov. 5 Purchased 900 units of product at a cost of $10 per unit. Terms of the
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Nov. | 5 | Purchased 900 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. |
Nov. | 7 | Returned 35 defective units from the November 5 purchase and received full credit. |
Nov. | 15 | Paid the amount due from the November 5 purchase, less the return on November 7. |
Prepare the journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system. |
Related Book For
OM4 operations management
ISBN: 978-1133372424
4th edition
Authors: David Alan Collier, James R. Evans
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