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Prepare journal entries for each transaction

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Reference no: EM133116204

Question - Prepare journal entries for each transaction (Perpetual and Periodic System)

1. Purchase of merchandise on account, P300,000.

2. Sale of merchandise on account, P400,000, at 40% gross profit.

3. Return merchandise sold from customer, P25,000, cost of the merchandise returned is P15,000.

Reference no: EM133116204

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