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Company A had the following transactions during August: ...

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Accounting

Company A had the following transactions during August:
5-Aug Purchased $3,000 of merchandise on account, terms 2/15 n/60, FOB shipping point
10-Aug Returned $500 of defective merchandise purchased on Aug 5
15-Aug Sold $1,200 of merchandise on account which cost the company $800
Assuming the perpetual inventory system is used, prepare the journal entries to record the above. Remember that perpetual inventory will affect inventory.

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