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Cullumber Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $40,000 with terms 2/15, n/45.

Cullumber Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $40,000 with terms 2/15, n/45. On June 12, 2020, Cullumber received full payment for the June 1 sale. Prepare the required journal entries for Cullumber Co.

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