Date Rebar Corp. uses the perpetualinventory system. Its transactions during July 2018 are as follows: July...

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Date Rebar Corp. uses the perpetualinventory system. Its transactions during July 2018 are as follows: July 6 Purchased $600 of merchandise on account from Hobson Corporation for terms 1/10, net 30 9 Returned $200 of defective merchandise 15 Paid the amount owing to Hobson. Required: Prepare journal entries to record the above transactions Account Titles & Explanation Ref. Debits Credits Date Rebar Corp. uses the perpetualinventory system. Its transactions during July 2018 are as follows: July 6 Purchased $600 of merchandise on account from Hobson Corporation for terms 1/10, net 30 9 Returned $200 of defective merchandise 15 Paid the amount owing to Hobson. Required: Prepare journal entries to record the above transactions Account Titles & Explanation Ref. Debits Credits

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Under perpetual method inventory records are updated continously as and when an inventory transactio... View the full answer