Prepare journal entries to record each of the following transactions. The company records purchases using...
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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. June 1 Purchased merchandise with a price of $450 and credit terms of n/45. June 9 Received a $50 allowance (for scratched merchandise) toward the June 1 purchase. July 16 Paid the anount due from the June 1 purchase, minus the June 9 allowance. Journal entry worksheet Purchased merchandise with a price of $450 and credit terms of n/45. Note t Enter debits before credits
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