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Assignment 2: Accounting for Merchandise Operations PRINCIPLES OF ACCOUNTING 1 SEMESTER 1, 2021-2022 ASSIGNMENT 2: ACCOUNTING FOR MERCHANDISE OPERATIONS Renner Hardware Store completed the following merchandising transactions in the month of July, 2021. At the beginning of July, the ledger of Renner showed Cash of $5,000 and Owner's Capital of $5,000. Date Transactions July 1 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10,n/30. July 3 Paid freight on purchase of inventory amounting to $130. July 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. July 9 Paid Braun's Wholesale Supply in full. July 12 Purchased merchandise for cash $1,400. July 13 Received refund for poor quality merchandise from supplier on cash purchase $150. July 18 Sold merchandise on account $3,200 terms 1/10, n/30. The merchandise sold had a cost of $2,000. July 20 Made refunds to customers for defective merchandise $100. The returned merchandise had a fair value of $50. July 26 Received collection in full from customers billed on July 18 REQUIRED: Journalize the transactions for the month of July, 2021 using perpetual inventory system