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Prepare the necessary journal entries to record the following transactions, assuming Dakin Company uses a perpetual inventory system. (a)Purchased $35,000 of merchandise on account, terms

Prepare the necessary journal entries to record the following transactions, assuming Dakin Company uses a perpetual inventory system.

(a)Purchased $35,000 of merchandise on account, terms 2/10, n/30.

(b)Returned $700 of damaged merchandise for credit.

(c)Paid for the merchandise purchased within 10 days.

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