Prepare General Journal entries to record the following perpetual system merchandising transactions of On Display. Use...

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Prepare General Journal entries to record the following perpetual system merchandising transactions of On Display. Use a separate account for each receivable and payable. Oct 10 Purchased shop supplies from Grand & Toy for $555 under credit terms n/15. 25 Paid Grand & Toy for the shop supplies purchased on October 10. 27 The owner, Jeffrey Kragen, invested $18,000 in the business. 28 Purchased new computer equipment for the business for $33,000. Paid $18,000 cash and borrowed the balance from the bank. 31 Paid the October legal fees of $3,955. Prepare General Journal entries to record the following perpetual system merchandising transactions of On Display. Use a separate account for each receivable and payable. Oct 10 Purchased shop supplies from Grand & Toy for $555 under credit terms n/15. 25 Paid Grand & Toy for the shop supplies purchased on October 10. 27 The owner, Jeffrey Kragen, invested $18,000 in the business. 28 Purchased new computer equipment for the business for $33,000. Paid $18,000 cash and borrowed the balance from the bank. 31 Paid the October legal fees of $3,955.

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