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1. (a) The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $400,000. What is the amount of net credit

1. (a) The accounts receivable turnover ratio is 8.14, and average

net receivables during the period are $400,000. What is the amount of net credit

sales for the period?

(b) Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue.

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