Prepare journal entries for purchase transactions


Response to the following problem:

Record the following purchase transactions in general journal form on the books of Lee Company (the buyer).

a. Purchased merchandise on account from Fry Company, invoice no. 8765, $1,500; terms 2/10, n/30.

b. Received credit memo no. 967 from Fry Company for damaged merchandise, $100.

c. Paid Fry Company in full within the discount period.

 

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Financial Accounting: Prepare journal entries for purchase transactions
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