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Prepare all necessary journal entries for Ayayai

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Question - Ayayai Corporation, a private company following ASPE, uses a periodic inventory system. On July 1, Ayayai purchased $50,000 of inventory, terms 1/10, n/30, f.o.b. shipping point. Ayayai paid freight costs of $1,000. On July 3, Ayayai returned damaged goods and received a credit of $5,000. On July 10, Ayayai paid for the goods. Prepare all necessary journal entries for Ayayai.

Reference no: EM132927908

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