On May 1, 2012, Crab Cove Fishing Company sold Maine lobster on account for a gross price
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On May 1, 2012, Crab Cove Fishing Company sold Maine lobster on account for a gross price of $30,000. On May 5, the company also sold cod on account for a gross price of $20,000. The terms of both sales were 3/10, n/30. Crab Cove received payment for the first sale on May 6, 2012, and payment for the second sale on May 31, 2012.
Provide all necessary journal entries.
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5112 Accounts Receivable A 30000 Sales R SE 30000 Sold lobster on acc...View the full answer
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