Prepare journal entries to record each of the following purchases transactions of a merchandising company. Assume a perpetual inventory system.
Nov. 5
Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7.
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Home » Business » Prepare journal entries to record each of the following purchases transactions of a merchandising company. Assume a perpetual inventory system. Nov. 5 Purchased 600 units of product at a cost of $10 per unit.