Assume that Montoya Co. uses the net method to account for cash discounts. On June 1, 2007,

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Assume that Montoya Co. uses the net method to account for cash discounts. On June 1, 2007, it made sales of $40,000 with terms 3/15, n/45. On June 12, 2007, Montoya received full payment for the June 1 sale. Prepare the required journal entries for Montoya Co. 

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Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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