Prepare journal entries to record the following merchandising transactions of Dean Company, which applies the perpetual inventory system. Dean Company offers all of its credit customers credit terms of 2/10, n/30.
Definitions:
Manufactured
The process of producing goods on a large scale using labor, machines, tools, and chemical or biological processing or formulation.
Domestically Produced
Goods manufactured or harvested within a country's borders.
Trade Surplus
A situation where a country's exports exceed its imports, indicating a positive balance of trade.
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