Crane Printing purchased $7,000 of supplies from Paper Wholesale,terms 2/10,n/30 on July 25,and prepared voucher #611.Crane paid the voucher on July 31.
Required: Prepare journal entries to record the above transactions assuming Crane uses the net method and the periodic inventory system for recording purchases.

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The Answer of Crane Printing purchased $7,000 of supplies from Paper Wholesale,terms 2/10,n/30 on July 25,and prepared voucher #611.Crane paid the voucher on July 31.
Required: Prepare journal entries to record the above transactions assuming Crane uses the net method and the periodic inventory system for recording purchases.

Crane Printing Purchased $7,000 of Supplies from Paper Wholesale,terms 2/10,n/30