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Prepare journal entries to record preceding transactions

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Reference no: EM132921878

Problem - Z-Mart had the following transactions for October:

October 6: Purchased 650 units of inventory at $5 per unit. The seller offered a cash discount of 2/10, n/30.

October 8: Returned 25 defective units and received full credit.

October 10: Paid the amount in full, less the returned items.

Prepare journal entries to record each of the preceding transactions. Assume a perpetual inventory system.

Reference no: EM132921878

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