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Buffalo Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On...

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Accounting

Buffalo Corporation uses a periodic inventory system and thegross method of accounting for purchase discounts.

(a)On July 1, (1) Buffalo purchased $33,000 of inventory, terms1/10, n/30, FOB shipping point. (2) Buffalo paid freight costs of$1,105.
(b)On July 3, Buffalo returned damaged goods and received creditof $3,300.
(c)On July 10, Buffalo paid for the goods.

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