W11.Recording a Retailers Purchase Transactions Record the journal entries for the following purchase transactions of...

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Accounting

W11.Recording a Retailers Purchase Transactions

Record the journal entries for the following purchase transactions of a retailer.

Dec. 3

Purchased $500 worth of inventory on credit with terms 2/10, n/30, and invoice dated December 3.

Dec. 6

Returned $150 worth of damaged inventory to the manufacturer and received a full refund.

Dec. 9

Paid the account in full

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