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Journalize the following inventory transactions using the perpetual inventory method.
April 17 Purchased $4,800 of inventory, on account, terms 2/10, n/30.
April 22 Returned $750 of damaged merchandise to supplier.
April 25 Paid balance due on inventory purchase of April 17.
Patent
A legal authorization granted to an inventor to exclusively manufacture, use, or sell an invention for a certain number of years.
Ordinary Annuity
A series of equal payments made at regular intervals, with interest compounded at the end of each period.
Nominal Interest
The stated or advertised rate of interest on a loan or investment, not accounting for inflation or compounding effects.
Effective Rate
The actual interest rate on an investment or loan, taking into account the effect of compounding over a given period.
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