Journalize the following purchase transactions for ABC Swimming Pool Supply Company using the periodic inventory system.Explanations are not required.
Definitions:
Perpetual Payments
Financial payments that continue indefinitely without an end date, often seen in perpetuities or certain types of bonds.
Compounded Annually
A method where interest is calculated once a year on the principal and previously accumulated interest.
Perpetuity
A type of annuity that pays a constant amount of money indefinitely, without a maturity date.
Semi-annual Scholarships
Scholarships awarded twice a year, often to support the educational expenses of students.
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