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Prepare the 5 journal entries to record these transactions. Dates 3-1 1.)ABC sold xyz$40,000 Merchandise 4-1 2) xyz makes a $3,000 payment 5.1 3)ABC Determines

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Prepare the 5 journal entries to record these transactions.
Dates 3-1 1.)ABC sold xyz$40,000 Merchandise 4-1 2) xyz makes a $3,000 payment 5.1 3)ABC Determines Xyz will not pay anyuore 6-1 4)ABC Reinstates the Debt 7-1 5) xyz Pays in Full

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