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Business, 06.05.2020 00:59 lovenahofer

On March 5, 2020, Northwest Co. purchased $400,000 in merchandise on account with credit terms of 1/15, n/45. Purchases were all made f. o.b. shipping point. Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit on March 12, 2020. Northwest paid the vendor for the amount owe on March 17, 2020. Assuming Northwest uses a perpetual inventory system and the gross method to record purchases, what journal entry would Northwest record for the payment made on March 17, 2020

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On March 5, 2020, Northwest Co. purchased $400,000 in merchandise on account with credit terms of 1/...
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