B B C D E F G H K The following transactions occurred between Ace...
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B B C D E F G H K The following transactions occurred between Ace Pharmaceuticals and Riteway, the pharmacy chain during October of the current year: Oct 6 Riteway purchased $12,000 of merchandise from Ace on credit terms 3/10, n/30, FOB shipping point. Separately, Riteway paid a $75 bill for freight in. Oct 10 Riteway returned $3,000 of the merchandise purchased on October 6. Oct 15 Riteway paid the remaining amount owed to Ace for the October 6 purchase, less the return and the discount. Instructions 1. Prepare the journal entries for Riteway. Date Oct 6 Journal Entry Accounts Debit CI Oct 6 Oct 10 Oct 15 1 2 03
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