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Prepare journal entries under the perpetual inventory system

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Problem - Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system.

May 1 Purchased merchandise on account from Anju Enterprises, $200,000.

May 8 Purchased merchandise for cash, $100,000.

May 15 Sold merchandise on account to Salil's Pharmacy for $8,000. The merchandise cost $5,000.

Reference no: EM132722192

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