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Business, 07.10.2021 01:00 devin7943

Ivanhoe Company purchased merchandise on account from Office Suppliers for $ 75,000, with terms of 1/10, n/30. During the discount period, Ivanhoe returned some merchandise and paid $ 63,756 as payment in full. Ivanhoe uses a perpetual inventory system. Prepare the journal entries that Ivanhoe Company made to record the: (1) purchase of merchandise. (2) return of merchandise. (3) payment on account.

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Ivanhoe Company purchased merchandise on account from Office Suppliers for $ 75,000, with terms of 1...

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