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Problem 1 (7 Points) Prepare the necesary journal entries to record the following transactions, assuming Dakin Company uses a perpetual inventory system. (a) Purchased $50,000

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Problem 1 (7 Points) Prepare the necesary journal entries to record the following transactions, assuming Dakin Company uses a perpetual inventory system. (a) Purchased $50,000 of merchandise on account, terms 2/10, n/30. (b) Returned $5,000 of damaged merchandise for credit Paid for the merchandise purchased within 10 days (c)

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