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Make journal entries under the perpetual inventory system

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Problem - Bhushan Building Supplies entered into the following transactions. Make journal entries under the perpetual inventory system.

June 1 Purchased merchandise on account from Brij Builder's Materials, $500,000.

June 3 Purchased merchandise for cash, $400,000.

June 5 Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000.

Reference no: EM132722155

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