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Some inventory transactions

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John's specialty store uses a perpetua; inventory system. The following are some inventory transactions for month of May 2009: 1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. 2. John's returned some of the merchandise in (1.). The cost of the merchandise was $600 and John's account was credited by the supplier. 3. Merchandise costing $2,800 was sold for 5,200 in cash.

Reference no: EM13140952

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