Prepare journal entries to record each of the following transactions. The company records purchases using the gross
Question:
Prepare journal entries to record each of the following transactions.
The company records purchases using the gross method and a perpetual inventory system.
Transcribed Image Text:
May 1 Purchased merchandise with a price of $800 and credit terms of n/30. 7 31 Returned merchandise that had a price of $100. Paid the amount due from the May 1 purchase, minus the May 7 return.
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