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Canada Corporation uses the perpetual inventory method and the gross method. On Jan 1, it purchased $60,000 of inventory on credit, terms 1/10, n/30. On
Canada Corporation uses the perpetual inventory method and the gross method. On Jan 1, it purchased $60,000 of inventory on credit, terms 1/10, n/30. On Jan 3, Canada returned goods that cost $8,500. On Jan 9, Canada paid the supplier. On Jan 9, what should Canadas journal entry be?
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