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Question - Moore Company uses the gross method to account for purchase discounts and the periodic inventory system.
July 5 Purchased goods from Nelson Company on account, $22,000, terms 4/10, n/30.
July 11 Returned merchandise to Nelson Company that was previously purchased on account, $1,200.
July 13 Paid the amount due to Nelson Company.
Required - Journalize Moore Company's transactions on July 5, July 11, and July 13.
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Question - Reporting Purchases and Purchase Discounts Using a Perpetual Inventory System. Calculate the cost of inventory as of February 28
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