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Acme Electronics Company sells a variety of televisions, computers, etc. to their customers. During March, the last month of the accounting year, the company had
Acme Electronics Company sells a variety of televisions, computers, etc. to their customers. During March, the last month of the accounting year, the company had the following transactions: Mar 2 Sold merchandise on credit for $650, cost $513 terms 2/10,n/30. Mar 3 Purchased merchandise for cash, \$2,625. Mar 5 Issued a credit memorandum for $750 to a customer who returned a merchandise purchase from February 28 , cost $615. The merchandise was the wrong size. Mar 7 Purchased merchandise on credit for $16,380, terms 1/10,n/30. Mar 10 Received payment for merchandise sold March 2. Mar 14 Received a credit memorandum for $200 for the return of damaged merchandise purchased on March 7. Mar 16 Paid freight charges of $165 for merchandise ordered last month. Mar 23 Paid for the merchandise purchased March 7 less merchandise returned. Mar 26 Sold merchandise on credit for $2,700, terms 1/10n/30, cost $1,750. Mar 31 Received payment for merchandise sold on March 26. REQUIRED: Prepare general journal entries to record these transactions using a perpetual inventory system. You can omit explanations but show any required calculations. Omit GST and PST
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