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Journalize the transactions for watson company

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Reference no: EM132473369

BUYERS RETAIL ENTRIES: PROBLEM TYPE 1

Question 1: Journalize the following transactions for Watson Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system.

Point 1: June 5 Purchased goods from Coleman Company on account, $9,900, terms 4/10, n/30.

Point 2: June 11 Returned merchandise to Coleman Company that was previously purchased on account, $2,475.

Point 3: June 15 Paid the amount due to Coleman Company.

Reference no: EM132473369

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