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Journalize entries for transactions of Blue Moon Company

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Reference no: EM132877014

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).

Reference no: EM132877014

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