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Business, 19.10.2021 14:20 Meloriew7272

Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction May 1 Made cash sales of $8,800; the cost of the inventory was $3,300. 5 Purchased $2,700 of inventory on credit. 9 Made credit sales of $3,500; the cost of the inventory sold was $1,800. 13 Paid sales salaries of $900 and office salaries of $500. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $6,800; made a down payment of $1,600 and agreed to pay the balance in 60 days. 21 Purchased $700 of inventory for cash. 27 Sold land that had originally cost $2,000 for $3,100. Required: Record the preceding transactions in a general journal.

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