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168 a company purchased merchandise inventory costing 15 000 with credit terms of 2 4299113

 

168. A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7. 

Feedback: Required:

a. Record the journal entries related to this transaction using the gross method of recording purchases.

b. Record the journal entries related to this transaction using the net method of recording purchases.

169. On August 25, a company purchased $5,000 worth of merchandise on terms 2/10, n/30; on September 4, the amount due was paid. Using the net method of recording purchases, prepare general journal entries to record (a) the purchase on August 25, and (b) the cash payment on September 4. 

 

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