Question: Prepare the journal entries to record these transactions on Shabani

Prepare the journal entries to record these transactions on Shabani Company’s books using a periodic inventory system.
(a) On March 2, Shabani Company purchased $900,000 of merchandise from Ballas Company, terms 2/10, n/30.
(b) On March 6, Shabani Company returned $110,000 of the merchandise purchased on March 2.
(c) On March 12, Shabani Company paid the balance due to Ballas Company.


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  • CreatedMarch 02, 2015
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