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Prepare journal entries to record each of the following transactions. The company records purchases using...

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Accounting

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Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased mercharidise with an invoice price of $108,000 and credit teres of 3/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet

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