Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases....
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Accounting
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. Exercise 9-45 Recording Inventory Related Entries using a. Purchase of merchandise inventory on March 1, 2020, for $24,000 on account, terms 1/10, n/30. the Gross Method LO2 b. Paid $240 cash for freight charges on March 1, 2020, related to the purchase. Mhod Returned $180 of merchandise on March 5, 2020, and received a credit from the vendor. c. d. Paid the balance due to the vendor on March 8, 2020. e. Sold merchandise inventory on March 15, 2020, for $15,000 with a cost of $10,000 (including transporta tion costs). Required Prepare journal entries for transactions a through e
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