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Prepare journal entries to record each of the following transactions. The company records purchases using the...

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased merchandise with an invoice price of $111,000 and credit terms of 4/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase.

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Credit Debit $ 111,000 Date Account title and Explanation Aug. 1 Merchandise Inventory Accounts Payable (Being purchase of me

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