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How would I do a journal entry for the below problem for periodic and Perpetual Inventory? Purchased 100 units on account at $1,000 per unit
How would I do a journal entry for the below problem for periodic and Perpetual Inventory?
Purchased 100 units on account at $1,000 per unit
Sold 75 units for cash at $2,000 per unit
Customers returned 3 defective units for cash refunds
Stewart returned the 3 defective units to its supplier for credit on account
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