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Prepare the journal entries to record the following transactions on Churchill Company's books using a perpetual inventory system. (a) On March 2, Monroe Company sold

Prepare the journal entries to record the following transactions on Churchill Company's books using a perpetual inventory system. (a) On March 2, Monroe Company sold $962,960 of merchandise to Churchill Company, terms 2/10, n/30. The cost of the merchandise sold was $624,820. Description/Account Debit Credit

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