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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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