On January 16, two credit sales were made, one for $200 and one for $300. Terms for

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On January 16, two credit sales were made, one for $200 and one for $300. Terms for both sales were 3/15, n/30. Cash for the $200 sale was collected on January 25; cash for the $300 sale was collected on February 14. Make all journal entries necessary to record both the sales and the cash collections. Use the gross method of accounting for sales discounts.


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Intermediate Accounting

ISBN: 978-0324312140

16th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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