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How to record these transactions using both merchandise accounting methods? 3. Journal Entries- Record the journal entries for each of the transactions below using BOTH

How to record these transactions using both merchandise accounting methods?

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3. Journal Entries- Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic and Perpetual. Do not add explanations or PR. Transactions: 1. Your company bought $1,000 (+13% HST) of merchandise for cash.~ 2. Your firm made a payment to an inventory supplier on account. The amount paid was $535, and you took the following terms: 3/10, n30.~ 3. Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST)~ 4. You sold $2,000 (+ 13% HST) of inventory to a customer for cash. The value of the merchandise was $1,200.~ 5. You paid Federal Express to ship one of your recent inventory purchases to yourself. The bill was $200 (+13% HST). You paid it in cash." Periodic Method Perpetual Method Date Particulars PR DR CR Date Particulars PR DRe CR t t t t t t t t t t t t t t

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