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Journalize the following transactions for the buyer, Cox Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. July 2 Purchased merchandise from Stewart Company on account, $13,000, terms 2/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $180. July 8 Returned to Stewart Company merchandise previously purchased on account, $1,000. July 12 Paid the amount due to Stewart Company. Date Account Title Debit Credit Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Lost Freight Out Merchandise Inventory Prepaid Rent Rent Expense Sales Sales Discounts Sales Returns and Allowances Supplies Supplies Expense
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Journalize the following transactions for the buyer, Cox Company, using the gross method to account...
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