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Journalize the transactions for Hughes Company

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

October 9 Purchased goods from Bailey Company on account, $8,500, terms 5/10, n/30.

October 15 Returned merchandise to Bailey Company that was previously purchased on account, $680.

October 19 Paid the amount due to Bailey Company.

Reference no: EM132497039

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