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4) The company earned and received interest income of $499 during the year. 5) The company collected cash of $30,564 from its customers for sales

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4) The company earned and received interest income of $499 during the year. 5) The company collected cash of $30,564 from its customers for sales initially recorded as accounts receivable. 6) Inventory costing $12,862 was purchased on account during the year. 4

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