Aaron Company - company takes all discounts to which it is...

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4 Business Tutor Prepare the general journal entries for Oct. for Aaron Co. Aaron uses a perpetual inventory system. Oct.5 Paid cash of $9000 for operating expenses that were properly recorded in the previous period.-Oct.8 Purchased merchandise for $20000 on account. Credit terms:2/10, n/30; Freight terms: FOB shipping point.-Oct.10 Paid freight bill of $470 for merch purchased on Oct 8. -Oct.12 Borrowed $10000 from Heritage Bank signing an 8%, 3-mo note.-Oct.15 Paid for merchandise purchased on Oct. 8. The
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Unformatted text preview: company takes all discounts to which it is entitled.-Oct.20 Sold merchandise for $10000 to Ed Gray on account. The cost of the merchandise sold was $6000. Credit terms: 2/10, n/30.-Oct.22 Purchased a 2-yr insurance policy for $2400 cash.-Oct.25 Issued Credit Memo No. 151 to Ed Gray for $1000 for merchandise returned by him from the sale on Oct 20. The cost of merch returned was $600. -Oct.29Purchased ofc equip for $25000 paying $6000 cash and signing a 3-mo 9% note for remainder....
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This note was uploaded on 04/04/2009 for the course ACC 321 taught by Professor Ahmedmokhtar during the Spring '09 term at Ain Shams University.

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