CH Prepare journal entries to record each of the following transactions of a merchandising company....
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CH Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60: the invoice is dated Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on Novenber 7. View transaction let Journal entry worksheet Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, 1/60; the invoice is dated November 5 Note: tinter debits before credits Date General Journal Nov 05 Merchandise inventory Accounts payable Credit Debit 600 500 Record entry Clear entry View general journal
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You can see the logs in the Dashboard.