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Garth purchased merchandise inventory costing $24,000 with credit terms of 2/10, net 30. Eight days after the purchase, Garth paid one-half of the outstanding obligation. The remaining amount was paid 30 days after the date of purchase.
Instructions:
Prepare the journal entries Garth would make for the purchase and the two subsequent payments using:
a. the gross method
b. the net method
Madison Company manufactures its only product using a single machine that has the capacity to operate 2,000 machine hours a year. This machine is rented at an annual cost of $100,000 and is the company's only manufacturing overhead cost.
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popper co. acquired 80 percent of the common stock of cocker co. on 1st january 2009 when cocker had the subsequent
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