Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 3/10, n/30 for $15,600. Assume the company uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its purchases journal, Farthington would enter:
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Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 3/10, n/30 for $1...
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