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Show how any of the required entries would change

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Question - Silver Company purchased USD 56,000 of merchandise from Milton Company on account. Before paying its account, Silver Company returned damaged merchandise with an invoice price of USD 11,680. Assuming use of periodic inventory procedure, prepare entries on both companies' books to record both the purchase/sale and the return.

Show how any of the required entries would change assuming that Milton Company granted an allowance of USD 3,360 on the damaged goods instead of giving permission to return the merchandise.

Reference no: EM132526883

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