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27 December, 02:18

How do i journalize purchased merchandise on account from galsten co., $360,000, terms n/30?

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  1. 27 December, 03:47
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    To record the purchase of merchandise there are two methods:

    1) under Perpetual Inventory System the entry is

    Inventory (Dr) 360000

    Accounts payable (Cr) 360000

    2) under Periodic Inventory System the entry is

    Purchase (Dr) 360000

    Accounts payable (Cr) 360000
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