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4. (5 points) Jones Inc. purchases $440,000 in inventory on June 1. from Hose Inc. with terms 2/10, net 30. Jones pays $39,200 (in cash)

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4. (5 points) Jones Inc. purchases $440,000 in inventory on June 1. from Hose Inc. with terms 2/10, net 30. Jones pays $39,200 (in cash) on Juntory on June 10th from Hose inc. with terms 30th Assume that Jones uses the periodic inventory method and records transactions under the gross method. Please record the journal entries for June

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