Question: Renata Jewels purchased inventory on account in the amount of
Renata Jewels purchased inventory on account in the amount of $10,000. Then, the store sold the inventory to customers for $17,500. Renata extended credit to its customers. In other words, all sales were made on account. Related to these two transactions, how much did Renata Jewels record as accounts payable? How much did Renata Jewels record as accounts receivable?
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