Prepare journal entries to record each of these transactions

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Question - Goulet Company is a furniture retailer and uses the perpetual inventory system.

On January 14, 2019, Goulet purchased merchandise inventory at a cost of $45,000. Credit terms were 2/10, n/30.

The inventory was sold on account for $60,000 on January 21, 2019. Credit terms were 1/10, n/30.

The accounts payable was settled on January 23, 2019, and the accounts receivables were settled on January 30, 2019.

Prepare journal entries to record each of these transactions.

Reference no: EM132221380

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