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Problem - Purchase-related transactions
Journalize entries for the following related transactions of Blue Moon Company:
a. Purchased $60,000 of merchandise from Sierra Co. on account, terms 1/10, n/30.
b. Paid the amount owed on the invoice within the discount period.
c. Discovered that $10,000 of the merchandise was defective and returned items, receiving credit.
d. Purchased $7,500 of merchandise from Sierra Co. on account, terms n/30.
e. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).
Clarion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business.
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