Record the following transactions related to purchases for Horston's Art Supplies using the general journal form provided below. Assume Horston's uses a periodic inventory system. Omit transaction descriptions from entries. 
Definitions:
Jointly Maximize Profits
A strategy where multiple parties or firms collaborate to enhance their collective profitability.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping to the right.
Strategic Outcomes
The long-term results or consequences of implementing specific business strategies, impacting an organization's competitiveness and success.
Market Share
The portion of a market controlled by a particular company or product.
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