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Purchase-related transactions Journalize entries for the following related transactions of Platypus Company Purchased $71500 of merchandise from Sitwell Co on account terms

Purchase-related transactions

Journalize entries for the following related transactions of Platypus Company:

1. Purchased $71,500 of merchandise from Sitwell Co. on account, terms 1/10, n/30.

2. Paid the amount owed on the invoice within the discount period.

3. Discovered that $13,500 (before purchases discount of 1%) of the merchandise was defective and returned items, receiving credit.

4. Purchased $9,000 of merchandise from Sitwell Co. on account, terms n/30.

5. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).

May 14 2020 View more View Less

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