ACE Motors, a small garage, purchases on credit an exhaust from Spareparts pic on 25 May. The
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ACE Motors, a small garage, purchases on credit an exhaust from Spareparts pic on 25 May. The catalogue price is £80 but all garages are allowed trade discount of 10%. ACE Motors pay the amount due by cheque on 31 May, which is prompt enough to allow them to deduct a cash discount of 3%. Show the accounts in the books of ACE Motors.
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