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May 20: Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2 . The cost of the returned merchandise

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May 20: Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2 . The cost of the returned merchandise was $8,000. May 21: Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000

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