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Ivanhoe Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:...

Ivanhoe Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) June 11 Purchased merchandise on account, $13,000, terms 3/10, n/30. 15 Returned part of June 11 purchase, $700, and received credit on account. 30 Prepared the adjusting entry required for financial statements.

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Answer #1
Date Account Titles and Explanation Debit Credit
June 11 Purchases (.97 × $13,000)       12,610
Accounts Payable       12,610
June 15 Accounts Payable (.97 × $700)           679
Purchase Returns and Allowances           679
June 30 Purchase Discounts Lost           369
Accounts Payable           369
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