N Data Account Te Debit Journalize the following transactions for Cox Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 7 Purchased goods from Bryant Company on account, $5,200, terms 1/10, n/30. October 13 Returned merchandise to Bryant Company that was previously purchased on account, $1,300. October 18 Paid the amount due to Bryant Company. Credit 10 AX 11 12 13 14

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 1Q
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Data
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Account Te
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Journalize the following transactions for Cox Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system.
October 7 Purchased goods from Bryant Company on account, $5,200, terms 1/10, 1/30.
October 13 Returned merchandise to Bryant Company that was previously purchased on account, $1,300.
October 18 Paid the amount due to Bryant Company.
11
12
13
14
Transcribed Image Text:2 Data 5 Account Te 6 Debit 7 Credit 8 9 10 Journalize the following transactions for Cox Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 7 Purchased goods from Bryant Company on account, $5,200, terms 1/10, 1/30. October 13 Returned merchandise to Bryant Company that was previously purchased on account, $1,300. October 18 Paid the amount due to Bryant Company. 11 12 13 14
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