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On July 1, Scene Inc. sells merchandise to Pacific Inc. on account for $2500 terms 1/10,n/30. The cost of the merchandise was $1250. Both companies
On July 1, Scene Inc. sells merchandise to Pacific Inc. on account for $2500 terms 1/10,n/30. The cost of the merchandise was $1250. Both companies use a perpetual inventory system. On July 6th, the Pacific returns $600 worth of merchandise. The cost of the returned merchandise was $450. On July 9 , Pacific Inc. settled the outstanding amount. Record the transactions in Scene Inc. and Pacific Inc.'s books. Explanations are not required
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