Question: Prepare the entries for the transactions below; exclude explanations. Apr. 2 Purchased merchandise on account from Frank Supply Co. $9.100, terms 2/10, n/30. 4 Sold

Prepare the entries for the transactions below; exclude explanations. Apr. 2 Purchased merchandise on account from Frank Supply Co. $9.100, terms 2/10, n/30. 4 Sold $7,800 of merchandise on account to Lee Co., terms 1/10,n/30. The cost of the merchandise sold was $4,000. 5 Provided Lee Co.with $800 credit for merchandise returned from April 4 sale. Merchandise has an inventory value of $500. 6 Received an $ 900 credit from Frank Supply Co. for merchandise returned from April 2 purchase. 10 Received cash for balance due from Lee for April 4 sale. 11 Paid Frank Supply Co. the amount due

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