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Prepare general journal entries to record the following transactions (use periodic inventory method): 1. Jan 5 Purchased merchandise from BC Company priced at $3,000.00 on

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Prepare general journal entries to record the following transactions (use periodic inventory method): 1. Jan 5 Purchased merchandise from BC Company priced at $3,000.00 on credit, terms 2/10, n/30 Jan 6 Sold merchandise to MU Corporation for $2,500 on credit, terms 3/10, n/60. Jan 10 Returned $600.00 worth of merchandise to BC Company for credit. Jan 11 MU Corporation returned $500.00 worth of merchandise to us for credit to their account Jan 14 Paid the amount due the BC Company from the Jan. 5 purchase Jan 15 Received payment from the MU Corporation for merchandise sold on Jan. 6. Jan 21 Purchased office supplies from the XYZ Company for $900.00, terms 2/10, n/30

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