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ABC Company uses the perpetual inventory system. On May 1, 2020 merchandise was sold on credit at an invoice price of $1,000, terms 3/10, n/30.
- ABC Company uses the perpetual inventory system. On May 1, 2020 merchandise was sold on credit at an invoice price of $1,000, terms 3/10, n/30. The merchandise cost $600. Give the journal entries to record the following. To record the sales: Assumption 1: To record collection on May 7, 2020: Assumption 2: To record collection on May 31, 2020:
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
