Mullen Manufacturing Ltd. sold $450,000 of merchandise on credit to customers in the month of September. During
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Mullen Manufacturing Ltd. sold $450,000 of merchandise on credit to customers in the month of September. During September, the company collected $250,000 cash from its customers. The company estimates that about 2% of the sales will be returned by customers. All sales have terms of n/30. How much revenue should the company recognize for the month of September assuming Mullen uses the contract-based approach to revenue recognition?
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Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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