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Prepare the journal entries to record the purchase

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Reference no: EM132882735

Problem - Hirsch Company buys inventory for $20,000 on terms of 2/10, n/30. It pays within the discount period.

Required -

1. Prepare the journal entries to record the purchase and the payment under both the (a) gross price and. Assume that Hirsch uses a periodic inventory system (b) net price methods. Assume that Hirsch uses a periodic inventory system.

2. Prepare the journal entries to record the purchase and payment under both the (a) gross price and. Assume that Hirsch uses a perpetual inventory system (b) net price methods. Assume that Hirsch uses a perpetual inventory system.

Reference no: EM132882735

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