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Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1 Purchased merchandise with an invoice price of $99,000 and credit terms of 3/10, n/30. August 11 Paid supplier the amount owed from the August 1 purchase.

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