Prepare the necessary journal entries to record

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Prepare the necessary journal entries to record the following transactions, assuming Albalnee Company uses a perpetual inventory system.

Feb. 2 Purchased $35,000 of merchandise on account, terms 2/10, n/30.

Feb. 5 Returned $700 of damaged merchandise for credit.

Feb. 11 Paid for the merchandise purchased within 10 days.

Reference no: EM132316972

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