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Exercise 1 (7 marks) i) Prepare the necessary journal entries on the books of DENIM Carpet Company to record the following transactions, assuming a perpetual

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Exercise 1 (7 marks) i) Prepare the necessary journal entries on the books of DENIM Carpet Company to record the following transactions, assuming a perpetual inventory system is used. DENIM purchased the goods from DBA Company. (3 marks) (a) DENIM purchased $45,000 of merchandise from DBA Company on account, terms 2/10, n/30. (b) DENIM retumed $4,000 of damaged merchandise for credit. (c) DENIM paid for the merchandise purchased within 10 days

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