Record the following transactions under the Periodic System of inventory and the Perpetual System of...
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Accounting
Record the following transactions under the Periodic System of inventory and the Perpetual System of inventory. Please label each journal entry with the letter of the transaction.
a.A merchandiser purchases $1,600 of inventory on account, 2/15, n/60
b.The merchandiser returns $300 of the inventory purchased in transaction (a)
c.The merchandiser pays the balance of his account within 10 days of the purchase
d.The merchandiser sells merchandise for $6,000, on account for 1/10, n/30. This merchandise cost him $2,400.
e.The merchandiser receives a return of $300 of the sale (cost of $120)
f.The merchandiser receives payment on the balance of the sale, with the purchaser taking advantage of the discount
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