Essay
Journalize the following transactions using the periodic system:
Sept. 3 Purchased $1,870 worth of inventory from Sierra Company with terms 2/10 n/30.
Sept. 9 Returned $400 worth of the inventory purchased on Sept. 3 as goods were defective.
Sept.12 Paid for the Sept. 3 purchase.
Sept.19 Purchased $900 of merchandise on account from Lola Company with Terms of 3/15, n/45.
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