Question
Petersen Book Store entered into the transactions listed below. -July6 Purchased $1,600 of merchandise on credit, terms n/30. -8 Returned $100 of the items purchased
Petersen Book Store entered into the transactions listed below. -July6 Purchased $1,600 of merchandise on credit, terms n/30. -8 Returned $100 of the items purchased on July 6. -9 Paid freight charges of $90 on the items purchased July 6. -19 Sold merchandise on credit for $4,400, terms 1/10, n/30. The merchandise had an inventory cost of $2,700. -22 Of the merchandise sold on July 19, $300 of it was returned. The items had cost the store $150. -28 Received payment in full from the customer of July 19. -31 Paid for the merchandise purchased on July 6.
Prepare Petersens necessary entries, assuming use of the perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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