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Prepare the general journal entries to record the following transaction. All purchases are on account and subject to terms of 2/10, n/30. The perpetual inventory

Prepare the general journal entries to record the following transaction. All purchases are on account and subject to terms of 2/10, n/30. The perpetual inventory method is in use.

May 5 Purchased merchandise from the Jackson Inc. with a price of $17,000

May 9 Returned $1,500 worth of merchandise to Jackson Inc.

May 14 Paid the amount due to Jackson Inc

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