Jordan Beauty Supply accepts Discover cards from its customers. Discover charges Jordan 3.5% of sales for its
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Jordan Beauty Supply accepts Discover® cards from its customers. Discover charges Jordan 3.5% of sales for its services. During the 2009–2010 fiscal year Jordan’s customers used Discover cards to purchase $65,000 worth of merchandise. How much did Jordan show as sales on the income statement for the year ended June 30, 2010? How much cash did Jordan actually receive from these sales?
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Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
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Related Book For 
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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