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Reid Art Supply Company uses a perpetual inventory system. The company had the following ...

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Reid Art Supply Company uses a perpetual inventory system. The company had the following ...

Reid Art Supply Company uses a perpetual inventory system. The company had the following transactions during August 2017:

Aug. 5: Purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60.
Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase.
Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5.
Aug. 15: Paid for the merchandise purchased on Aug. 5.
Give journal entries for August 10 and 15.

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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7 years ago

Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.

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