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Apple Co. sold merchandise to Orange Co. on account, $36,000, terms 2/10, net 30. The cost of the merchandise sold is $24,500. Orange Co. paid
Apple Co. sold merchandise to Orange Co. on account, $36,000, terms 2/10, net 30. The cost of the merchandise sold is $24,500. Orange Co. paid the invoice within the discount period. Prepare the entries that both Apple and Orange Companies would record for the above. Assume both Apple Co. and Orange Co. use a perpetual inventory system. Include the company name above the respective journal entry(ies)
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