Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system:
(a) Purchased $400,000 of merchandise on account, terms 2/10, n/30.
(b) Returned $40,000 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

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The Answer of Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system:
(a) Purchased $400,000 of merchandise on account, terms 2/10, n/30.
(b) Returned $40,000 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

Prepare the Necessary Journal Entries to Record the Following Transactions