Prepare journal entries to record each of the following transactions. The company records purchases using...
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Accounting
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. September 15 Purchased merchandise with an invoice price of $40,000 and credit terms of 4/5, n/15. September 29 Paid supplier the amount owed on the September 15 purchase.
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