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Prepare the journal entries to record the following purchase transactions in Xtra Inc s books. Xtra uses a perpetual inventory system Jan 2 Xtra purchased $15000 of merchandise from Fundy

Prepare the journal entries to record the following purchase transactions in Xtra Inc. s books. Xtra uses a perpetual inventory system. Jan. 2 Xtra purchased $15,000 of merchandise from Fundy Corp., terms 2/10, n/45, FOB destination. 5 The appropriate company paid freight costs of $300. 6 Xtra returned $2,000 of the merchandise purchased on January 2, because it was not needed. 11 Xtra paid the balance owed to Fundy.

May 22 2020 View more View Less

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