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Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019: Aug. 5: Purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60. Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase. Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Paid for the merchandise purchased on Aug. 5. Prepare journal entries for August 10 and 15. Omit explanations.

Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019: Aug. 5: Purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60. Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase. Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Paid for the merchandise purchased on Aug. 5. Prepare journal entries for August 10 and 15. Omit explanations.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019:

Aug. 5: Purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60.
Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase.
Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5.
Aug. 15: Paid for the merchandise purchased on Aug. 5.
Prepare journal entries for August 10 and 15. Omit explanations.

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