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The following July transactions relate to KitchenApps Inc. July 6: Purchase of inventory with...

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Accounting

The following July transactions relate to KitchenApps Inc.
July 6: Purchase of inventory with a list price of $42,000, a trade discount of 20%(which buyers get with certainty), and with terms 210,
n30.
July 8: Returned $3,000 of inventory (damaged in shipment) to the supplier (the $3,000 is the value after the trade discount).
July 13: Paid $14,700( $15,000 of inventory less a purchase discount of 2%, or $900) on account.
July 31: Paid $15,600 cash to the supplier.
Required
Prepare journal entries prior to a physical inventory for these transactions assuming the company uses the periodic inventory system and
the net method for recording purchase discounts.
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