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Demonstrate journal entries for transactions through

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Periodic System-Recording Inventory Related Entries using the Gross Method

Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line.

  • Purchase of merchandise inventory on March 1, 2020, for $57,600 on account, terms 1/10, n/30.
  • Paid $576 cash for freight charges on March 1, 2020, related to the purchase.
  • Returned $432 of merchandise on March 5, 2020, and received a credit from the vendor.
  • Paid the balance due to the vendor on March 8, 2020.
  • Sold merchandise inventory on March 15, 2020, for $36,000.

Problem 1: Demonstrate journal entries for transactions through.

Reference no: EM132916735

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