Using the information in M7-11, prepare journal entries to record the inventory transactions, assuming Anderson's uses a
Question:
M7-11
Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. If the company was charged $650 in transportation cost by National Trucking, immediately returned goods to American Wholesaling costing $1,200, and then took advantage of American Wholesaling's 2/10, n/30 purchase discount, how much did this inventory cost Anderson's?
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a dr Inventory A 23000 cr Accounts Payable L 23000 To record inventory purchased ...View the full answer
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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