Prepare the journal entries that karns company made

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Question

Karns company purchased merchandise on account from bailey office suppliers for $174,000 with terms of 2/10, n/30. During the discount period, Karns returned merchandise worth 6,000 and paid in full (less the discount). Karns uses a perpetual inventory system. Prepare the journal entries that Karns company made to record (1) the purchase of merchandise, (2) the return of merchandise, and (3) the payment on account.

Reference no: EM132404648

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