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Business, 09.11.2019 03:31 alma79

John's specialty store uses a periodic inventory system. the following are some inventory transactions for the month of may 2013:

1. john's purchased merchandise on account for $5,400. freight charges of $500 were paid in cash.

2. john? s returned some of the merchandise purchased in (1). the cost of the merchandise was $800 and john? s account was credited by the supplier.

3.merchandise costing $3,000 was sold for $5,600 in cash
prepare the necessary journal entries to record these transactions. (if no entry is required for a particular transaction, select "no journal entry required" in the first account field.)

record the purchased merchandise on account for $5,400
record the payment of freight charges for $500.
record the purchase return for $800.
record the merchandise sold for $5,600.
record the entry of cost of goods sold.

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