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Make journal entries to record each of the transactions

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Reference no: EM132702720

Problem 1: Prepare journal entries to record each of the following transactions of a merchandise company. The company uses a perpetual inventory system and the gross method.

Nov 5 Purchased 1,150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5.
Nov 7 Returned 30 defective units from the November 5 purchase and received full credit.
Nov 15 Paid the amount due from the November 5 purchase, minus the return on November 7.

Reference no: EM132702720

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