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Prepare journal entries to record merchandising transactions

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Question: Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.

Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5.Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit.Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7.

Reference no: EM132716190

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