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Prepare journal entries for august

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Question - A Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019:

Aug. 5: Purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60.

Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase.

Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5.

Aug. 15: Paid for the merchandise purchased on Aug. 5.

Required - Prepare journal entries for August 10 and 15.

Reference no: EM132537979

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