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Prepare general journal entries

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Question - Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

Purchased on account $2,500 of merchandise on May 2, 2016.

Returned $250 of this merchandise on May 3, 2016.

Freight charges $150 were paid to purchaser.

Use this information to prepare General Journal entries.

Reference no: EM132241652

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