Refer to E8.6. Determine the effect of each of the events on the accounting equation. Data from
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Refer to E8.6. Determine the effect of each of the events on the accounting equation.
Data from E8.6
Using perpetual inventory procedures, journalize the following transactions on the books of Murray Company for August. Assume Murray Company uses the net price method of recording direct material purchases.
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8 Murray Company purchased $26,800 in direct materials from Bartunek Company; terms 2/10, n/30. 12 One group of items in the August 8 purchase was not up to the purchase specifications. Murray Company requested and was granted a $1,600 allowance on the gross price of those items. 16 Murray Company paid Bartunek Company for the purchase and took advantage of the cash discount.
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Related Book For
Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
8th Edition
Authors: Penne Ainsworth, Dan Deines
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