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Journalize the following transactions for Lee Company. Assume a perpetual inventory system . Also, assume a constant gross profit ratio for all items sold. Make

Journalize the following transactions for Lee Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.July10 Sold goods costing $3,000 to Wood Company for cash, $5,000. July16 Wood Company returned undamaged merchandise, purchased on July 10, for a cash refund, $260.

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