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= View Policies Current Attempt in Progress The following transactions occurred in April and May....

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Accounting

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= View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Ivanhoe Company purchased merchandise from DeVito Company for $12,700, terms 2/10, 1/30, FOB shipping point Apr. 5 Devito had paid $7,500 for the merchandise. 6 The correct company paid freight costs of $400. 8 Ivanhoe Company returned damaged merchandise to Devito Company and was given a purchase allowance of $1,900. DeVito determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost DeVito $1,122. May 4 Ivanhoe paid the amount due to DeVito Company in full, Prepare the journal entries to record the above transactions for Ivanhoe Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and entero for the amounts. Record journal entries in the order presented in the problem.)

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