9. Highland, Inc. entered into the transactions listed below. In


Question Description:

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9. Highland, Inc. entered into the transactions listed below. In the journal provided, prepare Highland’s entries, assuming use of the perpetual inventory system. Omit explanations. Mar. 2 Purchased $450 of merchandise on credit, terms n/30. 6 Returned $75 of the items purchased on March 2. 8 Paid freight charges of $25 on the items purchased March 2. 16 Sold merchandise on credit for $600, terms n/15. The merchandise had a cost in inventory of $375. 17 Of the merchandise sold on March 16, $50 of it was returned. The items had cost to Highland of $15. 25 Received payment in full from the customer of March 16. 31 Paid for the merchandise purchased on March 2. General Journal Page 1 Date Description Post. Ref. Debit Credit

Answer

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