Journalize the following transactions Assume a perpetual inventory system 201X
Journalize the following transactions. Assume a perpetual inventory system.
Apr. 8 Purchased merchandise on account from Young Supplies, $20,000; terms 4/10, n/30.
15 Sold merchandise on account, $4,000; terms 4/10, n/30. The cost of merchandise was $2,500.
20 Received credit from Young Supplies for merchandise returned, $200.

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