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Business, 01.03.2021 21:30 dylancasebere

A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer. Required:
Complete the two journal entries to record the return transaction.

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