Prepare the journal entries to record these transactions on H. Hunt Company's books using a periodic inventory

Question:

Prepare the journal entries to record these transactions on H. Hunt Company's books using a periodic inventory system.

(a) On March 2, H. Hunt Company purchased $900,000 of merchandise from B. Streisand Company, terms 2/10, n/30.

(b) On March 6. H. Hunt Company returned $130,000 of the merchandise purchased on March 2 because it was defective.

(c) On March 12. H. Hunt Company paid the balance due to B. Streisand Company.

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