Question: Jordan Beauty Supply accepts Discover cards from its customers Discover

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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  • CreatedSeptember 01, 2014
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