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Prepare the appropriate journal entry

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Problem - Purchase Discounts - For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry. (All purchases on credit are made with terms of 1/10, n/30, and Buckeye uses the periodic system of inventory.)

July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500.

July 12: Paid amount owed to Wildcat Corp.

Reference no: EM132852670

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