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Prepare the journal entries to record these transactions

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Question - Prepare the journal entries to record these transactions on Pina Colada Corp.'s books using a periodic inventory system.

On March 2, Pina Colada Corp. purchased $922,900 of merchandise on account from Flint Company, terms 4/10, n/30.

On March 6, Pina Colada Corp. returned $165,600 of the merchandise purchased on March 2.

On March 12, Pina Colada Corp. paid the balance due to Flint Company.

Reference no: EM132270427

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