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April 18, 2014

Homework Help: accounting

Posted by kmo on Tuesday, March 6, 2012 at 10:17pm.

Write the journal entries to record the following transactions.
A) Purchased $4,900 of merchandise from a supplier on account, terms FOB shipping point, 1/10, n/30, transportation charges of $80 were added to the invoice.
B) Received a credit memorandum for $500 for merchandise returned.
C) Paid the amount owed prior to the end of the discount period

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