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John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009.
John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier.
Merchandise costing $2,800 was sold for $5,200 in cash.

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