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Prepare the necessary journal entries to record the following transactions, assuming Matthew Company uses a perpetual inventory system. (a) Purchased $44,100 of merchandise on account, terms 2/10, n/30. (b) Returned $1,000 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) (b) (c)

Prepare the necessary journal entries to record the following transactions, assuming Matthew Company uses a perpetual inventory system. (a) Purchased $44,100 of merchandise on account, terms 2/10, n/30. (b) Returned $1,000 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) (b) (c)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the necessary journal entries to record the following transactions, assuming Matthew Company uses a perpetual inventory system. (a) Purchased $44,100 of merchandise on account, terms 2/10, n/30. (b) Returned $1,000 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) (b) (c)
Transcribed Image Text:Prepare the necessary journal entries to record the following transactions, assuming Matthew Company uses a perpetual inventory system. (a) Purchased $44,100 of merchandise on account, terms 2/10, n/30. (b) Returned $1,000 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) (b) (c)
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