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March 5, 2015

March 5, 2015

Posted by **Bobbi Loffredo** on Sunday, March 20, 2011 at 2:07pm.

1. prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26,2009, using the gross method of accounting for purchase discounts.

2. Prepare the journal entry to record the payment on December 15,2009, using the gross method of accounting for purchase discounts.

3. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts.

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