Moving company purchased goods for resale from pancake, Financial Accounting

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Moving company purchased goods for resale from pancake

Create a journal entry for the following problem:

Moving Company purchased goods for resale from Pancake Party INC. on December 29, year 1. Terms of purchase were FOB Destination, 2/10, n/30. The gross purchase amount was $12,000, the goods arrived on January 2, year 2, and Moving Company paid the next day.

December 29, year 1 Journal entry:

January 3, year 2 journal entry:

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Financial Accounting: Moving company purchased goods for resale from pancake

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Financial Accounting: Moving company purchased goods for resale from pancake

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