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Journalize the transactions for gonzalez company

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Reference no: EM132473372

BUYERS RETAIL ENTRIES: PROBLEM TYPE 1

Question 1: Journalize the following transactions for Gonzalez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system.

Point 1: July 1 Purchased goods from Carter Company on account, $12,000, terms 2/10, n/30.

Point 2: July 7 Returned merchandise to Carter Company that was previously purchased on account, $1,200.

Point 3: July 12 Paid the amount due to Carter Company.

Reference no: EM132473372

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