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Journalizing purchase transactions Consider the following transactions May 8 Purchased $ 1 1 3 , 3 0 0 worth of toys on account with credit

Journalizing purchase transactions
Consider the following transactions
May 8 Purchased $113,300 worth of toys on account with credit terms 2/10, n/60
May 12 Returned $11,250 of the merchandise due to damage during shipment
May 18 Paid remainder of amount due, less the return and purchase discount
Journal the transaction

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