Prepare journal entries for the following transactions for HO Train Shop applying the perpetual inventory system. Omit explanations.
Nov. 2 Purchased on account 300 model engines for $3,000.
12 Returned 30 engines for full credit.
19 Sold 40 of the engines to R. Holmes for $800 cash.
25 Paid the balance due on the engines.
Correct Answer:
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