Journalize the following transactions: 201X Jan. 4 Sold merchandise for $300 cash. The cost of merchandise was
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201X
Jan. 4 Sold merchandise for $300 cash. The cost of merchandise was $250.
9 Purchased merchandise from Red Co., $3,500, free on board shipping (buyer pays freight); terms 3/10, n/30. Freight to be paid on January 20.
20 Paid freight on January 9 purchase, $70.
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