ElaineM9175 ElaineM9175

05-06-2023
Business

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Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory System. June 3 Purchased merchandise from Collins Company on account, $11,000, terms 3/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $430.

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