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Navy Company records purchases at gross amounts and uses a periodic inventory system. Prepare journal entries for the following transactions: June 11 Purchased merchandise on

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Navy Company records purchases at gross amounts and uses a periodic inventory system. Prepare journal entries for the following transactions: June 11 Purchased merchandise on account, $3,800, terms 2/10, n/30. 15 Returned part of June 11 purchase, $400, and received credit on account. 20 Invoices of $1,250 are paid

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