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Madison company uses the perpetual inventory system. record the journal entries for the following transactions: a. on july 16, madison sold $500 of merchandise with terms of 3/10, n/30. the cost of the merchandise was $200. b. on july 19, the customer returned $100 of the merchandise from (a). the cost of the merchandise was $40. c. on july 22, the customer paid the entire balance due to madison.
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