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University Of New Mexico Operations And Supply Chain Management Assignment Help - Black Company

Question - Problem 5-2A Preparing journal entries for merchandising activities-perpetual system L.O. P1, P2 July 1 Purchased merchandise from Black Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Coke Co. for $800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $100 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,200 for $1,600 cash. 9 Purchased merchandise from Lane Co. for $2,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $200 credit memorandum from Lane Co. for the return of part of the merchandise purchased on July 9. ...Read More

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