ACNT 1303 CH 14

Journal Entries Under the Perpetual Inventory system. Bhushan Building Supplies entered into the following transactions. 
June 1 Purchased merchandise on account from Brij Builders Materials, $30,000.
3 Purchased merchandise for cash, $24,000.
5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. 
Prepare Journal entries under the perpetual inventory system. 

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