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Question - Open Table Corp. uses a perpetual inventory system. The following activities occurred during May:
May 2 - Open Table purchased $76,000 worth of inventory, on credit terms 3/10 n/30.
May 5 - Open Table returned $16,000 worth of that inventory to the supplier.
May 19 - Open Table paid for the inventory, taking advantage of all available discounts.
Required - Prepare the journal entries to record the transactions above. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, put your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box.
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