*BE5-12 Prepare the journal entries to record these transactions on Allied Company’s books
using a periodic inventory system.
(a) On March 2, Allied Company purchased $1,000,000 of merchandise from B. Streisand
Company, terms 2/10, n/30.
(b) On March 6 Allied Company returned $130,000 of the merchandise purchased on March 2
because it was defective.
(c) On March 12 Allied Company paid the balance due to B. Streisand Company
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