Question: Using the perpetual inventory system, record the following transactions in the general journal of James Ltd (assume GST does not apply): 1. Purchased 240 units

Using the perpetual inventory system, record the following transactions in the general journal of James Ltd (assume GST does not apply):

1. Purchased 240 units for $220 each on credit.

2. Returned 12 units to the supplier.

3. Sold 48 units for $380 each on credit.

4. Customer returned 6 of the units sold in (3).

5. Sold 42 units for $390 each on credit.

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