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Prepare the purchase and payment journal entries for weez

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Reference no: EM132319184

Question: Weez Ltd purchased inventory on credit from Detroit Ltd for $5,980, including GST, terms 3/10, n/30, and paid within the discount period.

1) Prepare the purchase and payment journal entries for Weez Ltd, assuming Weez Ltd follows the "gross purchases" method.

2) Prepare the purchase and payment journal entries for Weez Ltd, assuming Weez Ltd follows the "net purchases" method. How would the payment JE change (show the JE) if Weez Ltd paid after the discount period?

3) Prepare the sale and cash receipt (within the discount period) journal entries for Detroit Ltd, ignoring the cost of goods sold portion of the sales journal entry.

Reference no: EM132319184

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