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TD - E 7-35(p.327 Journalizing Inventory Transactions 1...

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E 7-35 (p.327) Journalizing Inventory Transactions 1. Journal Entries (periodic method) Jan. 24 Purchases .............................................................. $18,000 Accounts Payable ..................................... 18,000 (Purchase inventory on credit, 2/10, n/30) Jan. 30 Accounts Payable ................................................. 18,000 Purchase Discounts .................................. 360 Cash .......................................................... 17,640 (Pay off the debt from the Jan. 24 purchase) Mar. 14 Purchases .............................................................. 140,000 Accounts Payable ..................................... 140,000 (Purchase inventory on credit, 2/10, n/30) Freight in .............................................................. 1,150 Cash .......................................................... 1,150 (Pay for transportation cost) Apr. 1 Accounts Payable ................................................. 25,000 Purchase Returns ...................................... 25,000 (Return defective machinery from the Mar. 14 purchase)
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Apr. 13 Accounts Payable .................................................
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