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On December 31,2023 , Jellison purchased $12,000 of merchandise inventory on a one-year, 7% note payable. Jellison uses a perpetual inventory system. Read the requirements.

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On December 31,2023 , Jellison purchased $12,000 of merchandise inventory on a one-year, 7% note payable. Jellison uses a perpetual inventory system. Read the requirements. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the company's purchase of merchandise inventory on December 31, 2023

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