Reference no: EM131294246
Prepare Journal Entries for Sales and Purchases (With Discounts) Super Copy Co. is an office supply store. The company uses a perpetual inventory system.
July 1 Purchased four Doni copying machines on account from Doni Corp. Total invoice price was $2,200 per machine ($8,800 total); terms of 2/10, n/30. These machines are intended for resale.
July 3 Found one of the Doni copiers to be defective and returned it to Doni, thus reducing the amount owed.
July 8 Paid the amount owed to Doni Corp.
July 9 Sold on account one of the Doni copiers to Cross Realty. The sales price was $4,400, terms 5/10, n/60.
July 19 Received full payment from Cross.
Record the above transactions in the company's general journal. To conserve space, omit the written explanations which normally should accompany the entries.
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: Prepare Journal Entries for Sales and Purchases (With Discounts) Super Copy Co. is an office supply store. The company uses a perpetual inventory system. Record the above transactions in the company's general journal. To conserve space, omit the writ..
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