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Prepare journal entries to record the following merchandising transactions of Dean Company, which applies the perpetual inventory system. Dean Company offers all of its credit customers credit terms of 2/10, n/30.
Accounting Procedures
Systematic methods followed in the accounting process to record and report financial information.
Depreciation
The accounting method of allocating the cost of a tangible or physical asset over its useful life.
Partial Years
Refers to accounting or financial reporting periods that are less than a full year, often due to the company's incorporation date or a change in accounting periods.
Units-Of-Production
A strategy for depreciation which assigns the cost of a property over its operational life, based on the volume of output it yields.
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