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2. Al Amwaj Co. uses the gross method to record sales made on credit. On June1,2010, it made sales of $50,000 with terms 3/15, n/45.

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2. Al Amwaj Co. uses the gross method to record sales made on credit. On June1,2010, it made sales of $50,000 with terms 3/15, n/45. On June 12,2010, Al Amwaj received full payment for the June 1 sale. a) Prepare the required journal entries for Al Amwaj b) Define a "compensating balance. How should a compensating balance be reported

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