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*Exercise 5-4 purchased ,700 of merchandise from Clinton Company FOB shipping The fair these goods $84 June 19, Clinton Company in full, less the purchase discount Both companies use perpetual each books Rebecca Company (Record journal which they must Credit account titles are when amount entered indent manually.) Account Titles 7700 June Inventory 420 Cash 7300 Clinton Company The merchandise purchased $4,940 (Credit account titles are automatically indented when Credit sale.) (To record record merchandise returned.) record f merchandise *Exercise 5-8 Presented Taylor Co for the month of January 2014 Ending Insurance expense 11,290 perpetual Rent expense 22,830 Ending inventory Salaries wages expense 56,330 Sales discounts Cost Sales returns allowances Freight- Sales revenue 416,390 inventory (Credit account titles are automatically Do not indent manually.) Debit Credit 1.T closing entries, (Credit account titles are automatically indented entered. Do not indent manually.) Debit Credit To dose income (loss).)

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Exercise 5-4
June 10 Inventory 7700
Accounts Payable 7700
June 11 Inventory...
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