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1.) What, if any, month end adjustments are required related to the sale of merchandise inventory using the periodic method of accounting? 2.) What is

1.) What, if any, month end adjustments are required related to the sale of merchandise inventory using the periodic method of accounting?

2.) What is the entry to record the payment of a customer on account for merchandise inventory for 5,000 if the payment terms are 2/10, net/30 and they pay in 8 days?

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