Prepare the Necessary Journal Entries to Record the Following Transactions

question 16

Essay

Prepare the necessary journal entries to record the following transactions assuming Dakin Company uses a perpetual inventory system.
(a) Purchased $35000 of merchandise on account terms 2/10 n/30.
(b) Returned $700 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

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Definitions:

Long-Term Orientation

A cultural value dimension that emphasizes the importance of future rewards over immediate outcomes.

Individualism

A theory in social science that prioritizes individual liberty over control by the state or the collective.

Host-Country National

An individual who is a citizen of the country where a multinational company operates, but the company is headquartered in another country.

Parent-Country National

An employee who is working in a country other than their own but is a citizen of the country where the organization's headquarters is located.