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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. May

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. May 1 Purchased merchandise with a price of $940 and credit terms of n/30. May 7 Returned merchandise that had a price of $170. May 31 Paid the amount due from the May 1 purchase, minus the May 7 return.

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