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On Oct 1st, 2005 Company A sold 500 books to various customers at $100 each.

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On Oct 1st, 2005 Company A sold 500 books to various customers at $100 each. The terms of sale were 2/10, n/30. Company A uses the net method to account for sale discounts, one half (exact) of payments were received on Oct 7th, 2005. The rest of the remaining payments were received on Oct 15th, 2005.;Please show all work/formulas used.;Prepare Journal entries for the above dates.

 

Paper#19291 | Written in 18-Jul-2015

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