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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,

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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 2/10, n/30. (6) Returned $700 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days

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