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Campus Stop Inc, is a student co-op. On January 1, 2017, the beginning inventory was $150,000, the trade receivables balance was $4,000, and the allowance

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Campus Stop Inc, is a student co-op. On January 1, 2017, the beginning inventory was $150,000, the trade receivables balance was $4,000, and the allowance for doubtful accounts had a credit balance of $800. Campus Stop uses a perpetual inventory system. The following transactions (summarized) occurred during 2017: a. Sold merchandise for $275,000 cash; the cost of sales is $137,500. b. Received merchandise returned by customers as unsatisfactory and paid a cash refund of $1,600; the returned merchandise had cost $800. c. Purchased merchandise from vendors on credit, terms 3/10,n/30, as follows: 1. August Supply Company, invoice price, $5,000. ii. Other vendors, invoice price, $120,000. d. Purchased equipment for use in store for, cash, $2,200. e. Purchased office supplies for future use hh the store; paid cash, $700. f. Paid freight on merchandise purchased, $400 cash. g. Paid trade payables in full during the period as follows: i. Paid August Supply Company after the discount period, $5,000. ii. Paid other vendors within the discount period, $116,400. Required: Prepare journal entries for each of the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid.)

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