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Amarillo Company experienced the following events during its first accounting period. (1) Purchased $5,000 of inventory on account. (2) Returned $1,000 of the inventary purchased

Amarillo Company experienced the following events during its first accounting period. (1) Purchased $5,000 of inventory on account. (2) Returned $1,000 of the inventary purchased in Event 1. (3) Paid the remaining balance in accounts payable for the inventory purchased in Event 1. Based on this information the journal entry necessary to record the return is

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