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Jan 8- A customer purchased merchandise for $150 which cost the seller $75. Jan 12- The customer was dissatisfied with some of the goods and

Jan 8- A customer purchased merchandise for $150 which cost the seller $75. Jan 12- The customer was dissatisfied with some of the goods and thus returned $50 worth and received a cash refund. Requirements: 1. Prepare the journal entries. Assume that the seller uses a perpetual inventory system. 2. Prepare the journal entries. Assume that the seller uses a periodic inventory system

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