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Prepare the necessary journal entries on the books of ABC Company to record the following transactions, assuming a perpetual Inventory system (you may omit explanations):

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Prepare the necessary journal entries on the books of ABC Company to record the following transactions, assuming a perpetual Inventory system (you may omit explanations): (a) ABC Compny purchased 545,000 of merchandise on account, terms 2/10, 1/30. (b) Returned $4,000 of damaged merchandise for credit (c) Paid for the merchandise purchased within 10 days

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