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Record merchandise purchased on account for $159,000. Record the payment of $14,000 in cash for freight charges. Record merchandise returned to supplier for credit of
- Record merchandise purchased on account for $159,000.
- Record the payment of $14,000 in cash for freight charges.
- Record merchandise returned to supplier for credit of $16,000.
- Record sales on account of $254,000.
- Record cost of merchandise sold of $152,000.
- Record the end-of-period adjusting entry. Ending inventory is $34,000.
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