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On July 2nd, Gerry purchased $3,000 of products with the intention of reselling them for profit. His supplier has agreed to collect payment later. On

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On July 2nd, Gerry purchased $3,000 of products with the intention of reselling them for profit. His supplier has agreed to collect payment later. On July 7, Gerry sold a third of these products for $2,500 cash. Gerry customer paid in full on July 10th. Make all necessary journal entries

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