John specialty store.docx - Johnu2019s Specialty Store...

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John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,200. Freight charges of $400 were paid in cash. 2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $700 and John’s account was credited by the

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