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Journalize the following transactions: Debit Credit 1 Purchased $10,000 worth of merchandise (to resell) for cash. debit account here = Merchandise Inventory credit account here
Journalize the following transactions: Debit Credit 1 Purchased $10,000 worth of merchandise (to resell) for cash. debit account here = Merchandise Inventory credit account here = Cash 10,000 10,000 2 Purchased $20,000 of merchandise on account. 20,000 20,000 3 Returned $1,000 of merchandise from Transaction 2. 1,000 1,000 4 Received a $2,000 allowance for damaged merchandise from Transaction 2. 2,000 2,000 5 Paid for merchandise purchased on account ($20,000 - 1,000 - 2,000) and received a 2% cash discount. What is the buyer's asset account for goods that it will sell
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