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5 . , Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system: ( a ) , Purchased $ 4

5., Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system:
(a), Purchased $480,000 of merchandise on account, terms 2/10, n/30.
(b), Returned $30,000 of damaged merchandise for credit.
(c), Paid for the merchandise purchased within 10 days.

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