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Asia Company sold $ 1 2 , 0 0 0 of goods to Euro Company on credit on May 1 . At the time of
Asia Company sold $ of goods to Euro Company on credit on May At the time of the sale, Asia recorded a debit to Accounts
Receivable and a credit to Sales Revenue for $ Terms were
Required:
Prepare the journal entries Asia Company would record for each of the following independent situations:
A Euro paid the balance due, less the discount, on May
B Euro returned half of the goods for credit on May Euro paid the balance due, less the discount, on May
C Euro paid its bill on May there were no sales returns
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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