Prepare the journal entries for the transactions listed below under each of the two inventory systems.
A. Purchased merchandise for cash, $1,000.
B. Sold merchandise for $600 cash that had cost $480 (cost is 80% of the sales price.
C. Accepted a sales return from a customer: sales price $30. A cash refund was given to the customer. The goods were returned to regular inventory.
D. Returned goods to the vendor because they did not meet our specification; $50 cash refund was received.

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The Answer of Prepare the journal entries for the transactions listed below under each of the two inventory systems.
A. Purchased merchandise for cash, $1,000.
B. Sold merchandise for $600 cash that had cost $480 (cost is 80% of the sales price.
C. Accepted a sales return from a customer: sales price $30. A cash refund was given to the customer. The goods were returned to regular inventory.
D. Returned goods to the vendor because they did not meet our specification; $50 cash refund was received.

Prepare the Journal Entries for the Transactions Listed Below Under