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Prepare the journal entries to record the following transactions on Monroe 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 Monroe Company's books using a perpetual inventory system. (a) On March 2, Monroe Company sold $1,084,300 of merchandise to Churchill Company, terms 2/10, n/30. The cost of the merchandise sold was $750,860. Description/Account Debit Credit

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