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Mexico Inc. records purchases at net amounts and uses the periodic inventory system. Prepare entries for the following: May 11 Purchased merchandise on account, $16,000,

Mexico Inc. records purchases at net amounts and uses the periodic inventory system. Prepare

entries for the following:

May 11 Purchased merchandise on account, $16,000, terms 2/10, n/30.

15 Returned part of May 11 purchase, $2,000, and received credit on account.

30 Prepared the adjusting entry required for financial statements.

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