The following April transactions relate to CargoTranspo IncThe following April transactions relate to CargoTranspo Inc. April 5 Purchased inventory for $33,600 , with terms 2/10, n/30. 7 Returned $3,000 of inventory (damaged in shipment) to the supplier. 20 Paid $14,700 ( $15,000 of inventory less ...
Returns and AllowancesPurchasesSales ReturnSales RevenueGain
Answer & Explanation
To prepare the journal entries for CargoTranspo Inc. using the perpetual
inventory system and the gross method for recording purchase discounts, follow
these steps:
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