On October 5, your company buys and receives inventory costing \(\$ 6,500\), on terms \(2/30,...
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On October your company buys and receives inventory costing $ on terms n On October your company pays the amount owed relating to the October purchase. Required: Prepare the journal entries needed on October and assuming the company uses a perpetual system and records purchase discounts using the net method. Note: If no entry is required for a transaction or event, select No Journal Entry Required" in the first account field. Answer is complete but not entirely correct. 
On October your company buys and receives inventory costing $ on terms n On October your company pays the amount owed relating to the October purchase.
Required:
Prepare the journal entries needed on October and assuming the company uses a perpetual system and records purchase discounts using the net method.
Note: If no entry is required for a transaction or event, select No Journal Entry Required" in the first account field.
Answer is complete but not entirely correct.
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