Malone corporation uses the gross method for

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17. Malone Corporation uses the gross method for recording its inventory purchases and the moving average method to value the inventory. On February 10, Malone purchased $600,000 of inventory on account with the terms of 3/15, net 30. On February 14, Malone returned damaged goods costing $60,000 to the supplier and paid the balance due on February 24. The journal entry to record the payment on February 24 would be
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  • Fall '12
  • Staff
  • Balance Sheet, Generally Accepted Accounting Principles, Doubtful Accounts, unrealized holding gain

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