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Journalize the Following Transactions Assuming a Perpetual Inventory System

Question 95

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Journalize the following transactions assuming a perpetual inventory system:
May 5
Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.Prepaid freight costs of $100 were added to the invoice.12
Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5.14
Paid Archie Co. for invoice of May 5, less debit memo of May 12. Journalize the following transactions assuming a perpetual inventory system: May 5 Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.Prepaid freight costs of $100 were added to the invoice.12 Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5.14 Paid Archie Co. for invoice of May 5, less debit memo of May 12.

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