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, prepare Phillips's entries, assuming use of the periodic inventory system.
b. Prepare the entry that would have been made had payment been made on August 17.
Correct Answer:
Verified
Correct Answer:
Verified
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