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Illustrate the effects of each of the preceding transactions

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Reference no: EM132081078

Question - The following selected transactions were completed by Epic Co. during August of the current year:

Aug. 3. Purchased merchandise for $33,400, terms FOB destination, 2/10, n/30.

Aug. 9. Issued debit memorandum for $7,000 of merchandise returned from purchase on August 3.

Aug. 10. Purchased merchandise, $25,000, terms FOB shipping point, n/eom. Paid freight of $600 on purchase.

Aug. 13. Paid for invoice of August 3, less debit memorandum of August 9 and discount.

Aug. 31. Paid for invoice of August 10.

Instructions - Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.

Reference no: EM132081078

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