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Prepare the journal entries to record each transaction

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Reference no: EM133175937

Question - Cooke Enterprises orders inventory from Advantage Systems, FOB shipping point. The units list for $10,000, but Cooke gets a 5% trade discount. Freight is $150, which Cooke pays the trucker upon delivery. Before paying the invoice, Cooke notices that goods were damaged and returns the entire shipment. Prepare the journal entries to record each transaction under the perpetual method.

Reference no: EM133175937

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