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On June 1 8 th , 2 0 2 0 , the Ronald Corp, which maintains a perpetual inventory system, sold merchandise inventory on account
On June th the Ronald Corp, which maintains a perpetual inventory system, sold merchandise inventory on account for to Holly Corp, which also maintains a perpetual inventory system. This inventory had cost Ronald This sale was subject to a cash discount of net
On June Holly returned to Ronald of inventory that had been purchased on June th
On June th Holy paid Ronald within the discount period.
Make the necessary entries for Ronald Corp on:
June th
June
June
Then make those entries for Holly Corp
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