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I-PROBLEMS (3 Marks) 11. Prepare the necessary journal entries to record the following transactions, assuming Barone Company uses a perpetual inventory system. (a) Purchased $30,000

I-PROBLEMS (3 Marks) 11. Prepare the necessary journal entries to record the following transactions, assuming Barone Company uses a perpetual inventory system. (a) Purchased $30,000 of merchandise on account, terms 2/10, n/30. (b) Returned $500 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. General Journal Solution Debit Credit Date Accounts Title Page No 5

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