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Sally Corporation purchased $56,000 of merchandise from Lucifer Corporation on account. Before paying its account, Sally returned damaged merchandise with an invoice price of $11,680.

Sally Corporation purchased $56,000 of merchandise from Lucifer Corporation on account.

Before paying its account, Sally returned damaged merchandise with an invoice price of

$11,680. Assuming use of periodic inventory procedure, prepare entries on both companies

books to record both the purchase/ sale and the return.

Date Account Titles and Explanation P.R. Debit Credit

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