1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019:...
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Accounting
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug. 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CR
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