Tech Data Corp uses a perpetual inventory system The following activities occurred during May May 1 Tech Data purchased $100,000 worth of inventory, on credit terms 2 10 n 30 May 3 Tech Data returned $20,000 worth of that inventory to the supplier May 18 Tech Data paid for the inventory, taking adv...

Journal Entries for the May month Date Particulars Debit Credit May01 Invento ...

Tech Data Corp. uses a perpetual inventory system. The following activities occurred during May: May 1 -

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Tech Data Corp. uses a perpetual inventory system. The following activities occurred during May:

May 1 - Tech Data purchased $100,000 worth of inventory, on credit terms 2/10 n/30.
May 3 - Tech Data returned $20,000 worth of that inventory to the supplier.
May 18- Tech Data paid for the inventory, taking advantage of all available discounts.

Required: Prepare the journal entries to record the transactions above using the gross method.

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Fundamental Accounting Principles

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Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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Tech Data Corp. uses a perpetual inventory system. The following activities occurred during May: May 1 -

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Fundamental Accounting Principles

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