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Prepare journal entries to record johnson companys

Using the information from RE8-6, prepare journal entries to record Johnson Company's journal entries if it pays on November 30.In RE8-6, On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnson Company's purchases if it pays on October 31.

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Accounting Basics: Prepare journal entries to record johnson companys

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