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Cornerstone Exercise 5-23 (Algorithmic) Sales Discounts Taken Bolton sold merchandise with a price of $38,000 to Sammy's Wholesale company. Bolton offered terms of 1/10, 1/30

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Cornerstone Exercise 5-23 (Algorithmic) Sales Discounts Taken Bolton sold merchandise with a price of $38,000 to Sammy's Wholesale company. Bolton offered terms of 1/10, 1/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry to record the sale. Record sale Prepare the journal entry assuming the payment is made within 10 days (within the discount period). Record collection within discount period

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