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ABC Company sold $300000 of inventory on Jan 1 to xyz co. ABC gave Xyz buyer a 5% trade discount and also gave them terms
ABC Company sold $300000 of inventory on Jan 1 to xyz co. ABC gave Xyz buyer a 5% trade discount and also gave them terms of 2/10, n/30. The inventory to ABC was $240000 Required: Prepare ABC Company's Journal using both Gross and Net method. Prepare the journal entries assuming payment was made within the 10 days and make the journal entries assuming xyz paid after the 10 days
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