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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.

September 15 Purchased merchandise with an invoice price of $70,000 and credit terms of 4/5, n/15.

September 29 Paid supplier the amount owed on the September 15 purchase.

Reference no: EM133125833

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