Suppose Gap uses the perpetual inventory system and purchased T-shirts on account for $15,000. Credit terms are

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Suppose Gap uses the perpetual inventory system and purchased T-shirts on account for $15,000. Credit terms are 1/10, n/30. Gap paid for the purchase a week later. Journalize the following transactions for Gap:
a. Purchase of inventory.
b. Payment on account.
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Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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