Prepare journal entries for the six preceding items. Assume Gamble uses FIFO perpetual inventory…

Following are selected transactions of Gamble Company:

Purchased 100 units of merchandise at USD 240 each; terms 2/10, n/30.

Paid the invoice in transaction 1 within the discount period.

Sold 80 units at USD 384 each for cash.

Purchased 100 units at USD 360; terms 2/10, n/30.

Paid the invoice in transaction 4 within the discount period.

Sold 60 units at USD 552 each for cash.

Prepare journal entries for the six preceding items. Assume Gamble uses FIFO perpetual inventory procedure.

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