Magnesium Inc

question 42

Essay

Magnesium Inc. uses a periodic inventory system. During April, the following transactions occurred:Apr 3 Purchased $2,000 of merchandise, terms 3/10, n/60.6 Returned $300 of the merchandise purchased on April 3.7 Paid freight charges of $150 on goods purchased on April 3.12 Paid for the goods purchased on April 3.13 Sold goods on credit for $1,000, terms 2/10, n/45.14 The customer of April 13 returned $300 of the goods.23 Received payment from the customer of April 13.InstructionsPrepare journal entries to record the above transactions.

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Definitions:

Economic Growth

An increase in the production of goods and services in an economy over a period, often measured by the rise in the gross domestic product (GDP).

Corruption

The abuse of entrusted power for private gain, which can occur in both the public and private sectors.

Poor Administration

Inefficient or ineffective management practices within an organization or government, often leading to suboptimal results, waste, or failure to meet objectives.

Nationalization

The process by which a government takes ownership and control of private assets or industries, often to ensure public access or control.