4. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory...

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Accounting

4. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On August 31, it purchased $45,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n 30. Prepare the appropriate journal to record the purchase of these tires for Megan Rubber and Tire Company.
5. Assume the facts in problem 4. Megan paid the invoice on September 2. Prepare the appropriate journal entry for Megan.

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