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14 September, 17:57

Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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  1. 14 September, 18:19
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    Novak Company Journal. $

    June 1

    1. Purchases Dr. 26,026

    Vendor. Cr. 26,026

    Narration purchase of stock

    2. Vendor Dr 1078

    Return outward Cr. 1078

    Narration. Return on goods purchased.

    3. Customer Dr 31753

    Sales. Cr. 31753

    Narration. Good sold to customer
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