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Make general journal entries to enter the transactions

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Problem - Some of the transactions of Headland Company during August are listed below. Headland uses the periodic inventory method.

August 10 Purchased merchandise on account, $9,600, terms 2/10, n/30.

August 13 Returned part of the purchase of August 10, $1,100, and received credit on account.

August 15 Purchased merchandise on account, $13,500, terms 1/10, n/60.

August 25 Purchased merchandise on account, $16,900, terms 2/10, n/30.

August 28 Paid invoice of August 15 in full.

Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses.

Required - Make general journal entries to enter the transactions.

Reference no: EM132471894

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