Business, 04.04.2020 07:53 ameera1973

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.

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A merchandiser, following the perpetual inventory system, has the following transactions during Augu...

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