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Prepare the journal entries to record these transactions

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Reference no: EM131143844

1. Prepare the journal entries to record these transactions on Allied Company's books using a periodic inventory system.

(a) On March 2, Allied Company purchased $1,000,000 of merchandise from B. Streisand Company, terms 2/10, n/30.

(b) On March 6 Allied Company returned $130,000 of the merchandise purchased on March 2.

(c) On March 12 Allied Company paid the balance due to B. Streisand Company. 

Reference no: EM131143844

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