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Bridgeport Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 201 units on account at $102 each, returned

Bridgeport Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 201 units on account at $102 each, returned 6 units for credit, and sold 156 units at $202 each.

QUESTION: Journalize the September transactions, assuming that Bridgeport Ltd. uses a PERIODIC inventory system.

1) Journal Entry: To record purchase of units

2) Journal Entry: To record the return of defective units

3) Journal Entry: To record sales on account

4) Journal Entry: To record cost of goods sold

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