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Prepare the journal entries to record transactions on books

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Reference no: EM132782769

Information related to Bramble Co. is presented below.

1. On April 5, purchased merchandise on account from Tamarisk Company for $41,700, terms 2/10, net/30, FOB shipping point.

2. On April 6, paid freight costs of $790 on merchandise purchased from Tamarisk.

3. On April 7, purchased equipment on account for $27,100.

4. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $5,700 credit for returned merchandise.

5. On April 15, paid the amount due to Tamarisk Company in full.

Problem 1: Prepare the journal entries to record these transactions on the books of Bramble Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132782769

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