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4. An item of merchandise with a list price of $100 was purchased with a trade discount of 40% and credit terms of 2/10, n/30.

4. An item of merchandise with a list price of $100 was purchased with a trade discount of 40% and credit terms of 2/10, n/30. Vendor paid within the discount period. Record the journal entry to record the payment would be. 4marks

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