need help with this problem wi

timer Asked: Nov 22nd, 2015

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need help with this problem with account 

Special journals: Buyer's entries

W.J. Company uses the gross method of recording purchases of merchandise. It also uses the perpetual inventory system.


On August 8, W. J. Co. purchased a one-year insurance policy in advance from Premium Company for cash, $2,172, check #1776.


(a) Select the appropriate special journal in which the transaction should be entered.

(b) Enter the transaction in that journal.

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