Journalize the following transactions for donnell inc., Ask an Expert

Accounting

Journalize the following transactions for Donnell Inc. using both the periodic inventory system and the perpetual inventory system, presented in a side-by-side format shown at the end of this exercise.

Oct. 5 Purchased $30,000 of merchandise from Rex on account, terms 2/10, n/30.
Oct. 8 Returned merchandise purchased on account on Oct. 5 amounting to $500.
Oct. 15 Paid for purchase of Oct. 5, less Oct. 8 return and purchase discount.

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Accounting Basics, Accounting

Category:- Accounting Basics
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