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37. On July 12 , goods were sold for $10,000. Cash of $1,000 was received, and the $9,000 remainder was on account. The customer returned
37. On July 12 , goods were sold for $10,000. Cash of $1,000 was received, and the $9,000 remainder was on account. The customer returned the goods before paying any of the remaining $9,000 on account. Which debit or credit should be included in the journal entry on the seller's books to record the return of the goods? Debit accounts receivable for $10,000. Debit accounts receivable for $9,000. Debit sales returns and allowances for $10,000. Credit cash for $10,000. (38) What is a sales discount? Supplier reduction in inventory purchase cost Incentive for the buyer to pay more quickly Amount of cash collected from customers Net collection after paying sales taxes
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