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Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal. Dournalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit To record merchandise returned.) (To record the cost of merchandise returned.)

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Date Account titles Debit Credit
02-Mar Equipment $                   7,400
Accounts Payable $                 7,400
(Equipment purchased on account)
05-Mar Accounts Payable $                      410
   Inventory $                     410
(credit received for returning damaged inventory)
07-Mar Sales Return & Allowances $                      400
   Accounts receivables $                     400
(merchandise returned)
07-Mar Inventory $                      260
   Cost of Goods Sold $                     260
(Cost of merchandise returned)
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