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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.
A tabular analysis of the transactions made during August 2012 by Nigel Company during its first month of operations is shown below. Each increase and decrease in stockholde
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