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Chancellor Company Purchased Merchandize Worth $900 on Credit, Terms N/30

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Chancellor Company purchased merchandize worth $900 on credit, terms n/30 and returned merchandize worth $100 on next day. What is the required journal entry to record the merchandize returns under the periodic inventory system? Chancellor Company purchased merchandize worth $900 on credit, terms n/30 and returned merchandize worth $100 on next day. What is the required journal entry to record the merchandize returns under the periodic inventory system?

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