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Prepare journal entries to record each of the transactions

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Question - Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.

Aug. 1 Purchased merchandise with an invoice price of $96,000 and credit terms of 2/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase.

Purchased merchandise with an invoice price of $96,000 and credit terms of 2/10, n/30.

Reference no: EM132618722

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