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Prepare journal entries on the books of Porto Douro Company

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Reference no: EM132781935

Question - Porto Douro Company recently purchased merchandise during 2020 on credit for $80,000 under the terms 3/10, n/30. PDC paid off its liability within the discount period except for $20,000. The remainder was paid within the 30-day term. At the end of its accounting period on December 31, 2010, 90% of the merchandise had been sold and 10% remained in inventory. PDC uses a periodic inventory system.

Required - Assuming the net method is used for recording inventory purchases, prepare the journal entries on the books of Porto Douro Company for the above transactions.

Reference no: EM132781935

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