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Ivanhoe Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the...

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Accounting

Ivanhoe Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) June 11 Purchased merchandise on account, $13,000, terms 3/10, n/30. 15 Returned part of June 11 purchase, $700, and received credit on account. 30 Prepared the adjusting entry required for financial statements.

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