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4. Hakeem Co. uses the net method to record credit sales. On July 1, 20121, Hakeem invoiced Jones Co. $150,000 with terms 2/10 n/30.

4. Hakeem Co. uses the net method to record credit sales. On July 1, 20121, Hakeem invoiced Jones Co. $150,000 with terms 2/10 n/30. On July 21, 2021, Hakeem received full payment for the July 1 sale. Prepare the required journal entries for Hakeem on July 1 and July 21.

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