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7. Cosmo Co. purchases goods for resale from Galaxy, Inc. The amount of a recent purchase is $12,500 with terms of 3/10, n/30. Cosmo

7. Cosmo Co. purchases goods for resale from Galaxy, Inc. The amount of a recent purchase is $12,500 with terms of 3/10, n/30. Cosmo later returns $500 worth of the goods. Under the perpetual inventory method, what is the journal entry to record the return?

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