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ACC 301, easy. multiple choice. On July 22 , Charles Inc. sold $23700 of inventory items on credit with the terms 2/15, net 30 .
ACC 301, easy. multiple choice. 
On July 22 , Charles Inc. sold $23700 of inventory items on credit with the terms 2/15, net 30 . Payment on $16000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Charles uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received Step by Step Solution
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ISE Managerial Accounting For Manager
Authors: Eric Noreen, Peter C. Brewer, Ray H. Garrison
6th Edition
1265118434, 9781265118433
