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Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):

(a) Jayhawk purchased $40,000 of merchandise on account, terms 2/10, n/30.

(b) Returned $4,000 of damaged merchandise for credit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437472

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