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Using the perpetual inventory system, journalize the entries: 1. The purchase of merchandise on account costing $5,400 which is expected to be sold for $9,000.

Using the perpetual inventory system, journalize the entries:

1. The purchase of merchandise on account costing $5,400 which is expected to be sold for $9,000.

2. The sale of merchandise on account for $1,200 which cost $675.

3. Accepted return of merchandise sold for cash for $100.

4. Accepted return for store credit of merchandise sold for cash for $150.

5. Credit card sales of $2,100 which cost $1,260

6. Credit card processing costs of $689

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