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QS 5-1: Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and...
QS 5-1:Prepare journal entries to record each of the following purchasestransactions of a merchandising company. Show supporting calculationsand assume a perpetual inventory system.Mar. 5 Purchased 500 units of product with a list price of $5 perunit. The purchase isgranted a trade discount of 20%; term of the sale are2/10, n/60; invoice is datedMarch 5.Mar. 7 Returned 50 defective units from the March 5 purchase andreceived full credit.Mar. 15 Paid the amount due from the March 5 purchase, less the returnon March 7.QS 5-9A:Refer to QS 5-1 and prepare journal entries to record each of themerchandising transactions assuming that the periodic inventory systemis used.
