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On August 1,Phillips Industries Purchased $12,000 of Merchandise on Credit

Question 31

Essay

On August 1,Phillips Industries purchased $12,000 of merchandise on credit.Terms of 1/10,n/30 are extended,and Phillips makes payment on August 9.
a. In the journal provided, make Phillips's entries, assuming use of the periodic inventory system.
b. Make the entry that would have been made had payment been made on August 17.
On August 1,Phillips Industries purchased $12,000 of merchandise on credit.Terms of 1/10,n/30 are extended,and Phillips makes payment on August 9. a. In the journal provided, make Phillips's entries, assuming use of the periodic inventory system. b. Make the entry that would have been made had payment been made on August 17.

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