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A company using the perpetual inventory system purchased inventory worth of $550,000 on account with credit terms of 3/15, n/45. Defective inventory of $40,000 was
A company using the perpetual inventory system purchased inventory worth of $550,000 on account with credit terms of 3/15, n/45. Defective inventory of $40,000 was returned three days later, and the accounts were appropriately adjusted. If the company paid the invoice 30 days later, the journal entry record the payment would be
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