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Q.1 Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, $5,000, terms

Q.1 Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:

June 11 Purchased merchandise on account, $5,000, terms 2/10, n/30.

15 Returned part of June 11 purchase, $800, and received credit on account.

30 Prepared the adjusting entry required for financial statements.

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