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Donna's Beauty Salon had the following transactions for July:
July 9: Purchased 625 units of inventory at $6 per unit. The seller offered a cash discount of 2/10, n/30.
July 10: Returned 30 defective units and received full credit.
July 18: Paid the amount in full, less the returned items.
Instructions:
Problem 1: Prepare journal entries to record each of the preceding transactions. Assume a perpetual inventory system.
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