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Question
Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions:
June 10 Purchased 10 televisions from Mitsu Industries on account. Invoice price, per unit, for a total of . The terms of purchase were .
June 15 Sold one of these televisions for cash.
June 20 Paid the account payable to Mitsu Industries within the discount period.
Instructions
a. Prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at:
- Net cost
- Gross invoice price
Solution
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Answered 1 year ago
Step 1
1 of 16In this exercise, we are asked to provide the journal entries.
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