Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the
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RE7-8
On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johason’s purchases on October 23 and the sub-sequent payment on October 31.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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