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Prepare necessary journal entries for Roley

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Reference no: EM132855060

Question - Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Roley purchased $60,000 of inventory, terms 2/10, n/30, f.o.b. shipping point. Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received a credit of $6,000. On July 10, Roley paid for the goods. Prepare necessary journal entries for Roley.

Reference no: EM132855060

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