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1. Soldmerchandise on credit for Tk5,000.00, terms 3/10,n/30. The items sold had a cost of T.3,500.00. 2. Sold merchandise for cash Tk. 2,000.00, cost being
1. Soldmerchandise on credit for Tk5,000.00, terms 3/10,n/30. The items sold had a cost of T.3,500.00. 2. Sold merchandise for cash Tk. 2,000.00, cost being Tk. 1,400.00 3. Purchased merchandise for cash, Tk.720 being 120% of the cost. 4. Purchased merchandise on credit for Tk.2,200.00 being 110% of the cost, terms 1/20, n/30. 5. Received return of defected items out of merchandise sold on credit Tk. 300.00. The returned items had a cost of Tk.210.00. Resale value of the returned goods estimated Tk. 150.00 6. Received return of defected items out of merchandise sold against cash Tk. 500.00. The returned items had a cost of Tk.200.00. 7. Received payment against credit sales within stipulated payment period 8. Made payment against credit purchase within stipulated payment period. 9. Paid freight charges Tk. 600.00 You are required to pass necessary journal entries under both perpetual and periodical methods
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