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What is the entry on december assuming jefferson uses

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Reference no: EM132791710

The following transactions were completed by Jefferson Corporation during December 2020:

  1. Dec. 16 Purchased merchandise from Intel Company, terms 2/10, n/30; FOB Shipping point. Intel Co. paid freight.
  2. Received goods from Celeron Corp, terms 3/10, 2/15/, n/30.
  3. Paid the account with Intel Co. in full
  4. Paid the account with Celeron Co. in full.

Question 1: Record the foregoing transactions in books of Jefferson Corp. using the

  1. Gross method of recording purchases (do not include amounts)
  2. Net Method of recording purchases. (do not include amounts)

Question 2: What is the entry on December 31 assuming Jefferson uses the net method, and the obligation is still unpaid on the said date?

Reference no: EM132791710

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