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Question - Prepare the journal entries to record the following purchase transactions in Flint Inc.'s books. Flint uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)
Jan. 2Flint purchased goods for $42,800 from Fundy Corp., terms 2/10, n/45, FOB destination.
5The appropriate company paid freight costs of $900.
6 Flint returned $6,500 of the goods purchased on January 2, because they were not needed.
11 Flint paid the balance owed to Fundy.
Discuss how the compliance of the generally accepted accounting practice can be applied to your current or future accounting position.
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