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Prepare the necessary journal entries on the books of Pina Colada Company to record the following transactions, assuming a perpetual inventory system: (a) Pina purchased

Prepare the necessary journal entries on the books of Pina Colada Company to record the following transactions, assuming a perpetual inventory system:

(a) Pina purchased $ 54,880 of merchandise on account, terms 2/10, n/30.

(b) Returned $ 4,480 of damaged merchandise for credit.

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