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Record transactions in the books of both buyer and seller

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Question - On January 12, Panglao Commercial bought merchandise from Loboc Enterprises on credit, P100,000. Term: 2/10, n/30. P 20,000 cost of merchandise was later returned and was not replaced. The credit memo was dated January 15. Payment was made on January 20.

Required - Record the above transactions in the books of both buyer and seller.

Reference no: EM133168101

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