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low/connect.html #2 0 Saved QS 5-17A Recording purchases, returns, and discounts-periodic & gross methods LO...

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low/connect.html #2 0 Saved QS 5-17A Recording purchases, returns, and discounts-periodic & gross methods LO PS Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using gross method and a periodic inventory system. Nov. 5 Purchased 600 units of product at a cost of $1e per unit. Terms of the sale are 2/1e, n/e; the invoice is dated No Nov. 7 Returned 25 defective units from the Novenber 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7 Xi 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 November 5. 1 sale are 2 Return 5 defective units from the November 5 purchase and recelved full credit. Paid the amount due from the November 5 purchase, less the return on November 7 3 entered Note:journal entry has been View general journal Clear entry Record entry

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