Citron Mechanical Systems makes all sales on credit, with terms 1/15, n/30. During 2019, the list price
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1. Compute the amount of sales that Citron recorded for 2019.
2. Compute the amount of cash that Citron collected from these sales.
3. Assuming the net method was used for all sales, prepare a summary journal entry to record these sales and a second summary entry to record the cash collected?
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1 Sales 682680 477180 2 Discount payments Regular payments 205500 Total cash ...View the full answer
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