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Prepare the journal entries to record these transactions on

1. Prepare the journal entries to record these transactions on Allied Company's books using a periodic inventory system.

(a) On March 2, Allied Company purchased $1,000,000 of merchandise from B. Streisand Company, terms 2/10, n/30.

(b) On March 6 Allied Company returned $130,000 of the merchandise purchased on March 2.

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Accounting Basics: Prepare the journal entries to record these transactions on

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