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During July, the last month of the fiscal year, the following transactions were completed: July 1. Paid rent for July, $5,000. 3. Purchased merchandise on

During July, the last month of the fiscal year, the following transactions were completed:

July 1. Paid rent for July, $5,000.

3. Purchased merchandise on account from Belmont Co., terms 2/10, n/30, FOB shipping point,

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