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Business, 06.03.2020 23:36 dpazmembreno

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment.

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X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $4...
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