Make the journal entries to record the transactions

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Reference no: EM131827058

Question: Prepare the journal entries to record these transactions on Kimble Company's books using a periodic inventory system.

(a) On March 2, Kimble Company purchased $800,000 of merchandise from Poe Company, terms 2/10, n/30.

(b) On March 6, Kimble Company returned $95,000 of the merchandise purchased on March 2.

Reference no: EM131827058

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