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Question 2 (20 points) Basic Inventory uses the perpetual inventory system and the gross method...

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Question 2 (20 points) Basic Inventory uses the perpetual inventory system and the gross method and had the following transactions during August. Aug Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. 4 Purchased merchandise on credit for $2,600, terms 1/20, 1/30. Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010. 10 Received payment for merchandise sold August 1. Received a credit memorandum from the seller for the return of faulty merchandise purchased on August 4 for $600 18 Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) 23 Paid for the merchandise purchased August 4 less the portion that was returned. 24 Sold merchandise on credit for $7,000, terms 2/10, 1/30. The items had a cost of 54,900. 31 Received payment for merchandise sold on August 24 15 Required: Prepare the general journal entries to record these transactions

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