purchased $450,000 of merchandise on account, terms 210, n/30 Question 4...
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Accounting
purchased $450,000 of merchandise on account, terms 210, n/30 
Question 4 (7 points) Using proper journal entry format, prepare the necessary journal entries to record the following transactions, assuming a perpetual inventory system: Purchased $450,000 of merchandise on account, terms 2/10, n/30. (b) Returned $30,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. Debits should hug the text box to the left of the space provided, and credit account titles and amounts should be indented. Please skip a line after each transaction. Once the exam is submitted, the professor will manually grade this
purchased $450,000 of merchandise on account, terms 210, n/30
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