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ACCOUNTS RECEIVABLE ACCOUNTING: 1. Goods sold on cash 10,000 2. Goods sold on credit 45,000 3. Payment received from customer 20,000 4. Bill of exchange

ACCOUNTS RECEIVABLE ACCOUNTING: 1. Goods sold on cash 10,000

2. Goods sold on credit 45,000

3. Payment received from customer 20,000

4. Bill of exchange was received from the customer 10,000

5. Notes receivable were received from the customer 5,000

6. Goods sold on credit worth 100,000 and discount was given @ 10%

7. Goods returned by credit customers 15,000

8. Payment of received from a customer from whom 20,000 were due, we allowed him a 5% discount on full and final payment.

CONDITION#1 With their past experience they know that every year 15% of the amount due from the customers is not collected.

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