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1. XYZ Company sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,200 (cost $670) on credit with terms 2/20,
1. XYZ Company sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,200 (cost $670) on credit with terms 2/20, net/60. The companys accounting policy is to record sales using the net method
Using the attached T-account template, prepare the entries for the following:
a. Sale of 1 grill to 20 customers on August 1, 2016
b. Cash received from 15 of the 20 customers on August 20, 2016
c. Cash received from the remaining 5 customers on September 29, 2016
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