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1 online - Principles of Accounting Prepare the necessary journal entries to record the following transactions, assuming Barone Company uses a perpetual inventory system. (a)

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1 online - Principles of Accounting Prepare the necessary journal entries to record the following transactions, assuming Barone Company uses a perpetual inventory system. (a) Purchased $20,000 of merchandise on account, terms 2/10, n/30. (b) Returned $500 of damaged merchandise for credit. (Paid for the merchandise purchased within 10 days. Paragraph BIE

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