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Describe the difference when a purchase of merchandise was made with and without a cash discount. Provide examples for the journal entries. Describe the difference

Describe the difference when a purchase of merchandise was made with and without a cash discount. Provide examples for the journal entries.

Describe the difference when a sale of merchandise was made with and without a cash discount. Provide examples for the journal entries.

Define returns and allowances and compare them to sales with a discount.

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