Periodic inventory system

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Reference no: EM13917149

Prepare the journal entries to record these transactions on Kimbrel Company's books using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(a) On March 2, Kimbrel Company purchased $936,500 of merchandise from Pineda Company, terms 3/10, n/30. (b) On March 6, Kimbrel Company returned $103,500 of the merchandise purchased on March 2. (c) On March 12, Kimbrel Company paid the balance due to Pineda Company.

Reference no: EM13917149

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