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Kindly, complete the question from part (a) to (g). I would really appreciate complete and correct answers. Accounting for Merchandising Operations Prepare the necessary journal
Kindly, complete the question from part (a) to (g). I would really appreciate complete and correct answers.
Accounting for Merchandising Operations Prepare the necessary journal entries to record the following transactions, 1- Assuming the company uses a perpetual inventory system 2- Assuming the company uses a periodical inventory system (a) Purchased $35,000 of merchandise on account, terms 2/10, n/30 (b) Paid $200 freight-in on the shipment (c) Returned $700 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (e) Sold $45,000 of merchandise, terms 1/10,n/30. The merchandise cost $30,000 (1) The customer in (e) returned $4,000 of merchandise to the company The merchandise returned cost $2,400 (g) Received the balance due within the discount periodStep by Step Solution
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