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On october 5, your company buys and receives inventory costing $5,000, on terms 2/30, n/60. on october 20, your company pays the amount owed relating to the october 5 purchase. prepare the journal entries needed on october 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the gross method
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On october 5, your company buys and receives inventory costing $5,000, on terms 2/30, n/60. on octob...
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