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E5-4 On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30.

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Answer Credit Journal Entry Nos. General Journal a Merchandise Inventory Accounts Payable (To record the Purchase of MerchandCredit Nos. b Debit $7,600 General Journal Accounts Receivable Sales (To record the sales of merchandise) $7,600 $4,300 Cost

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