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Dorman Co. sold merchandise to Smith Co. on account, P40,000, terms 2/15, net 45. The cost of the merchandise sold is P25.000. Dorman Co, issued

Dorman Co. sold merchandise to Smith Co. on account, P40,000, terms 2/15, net 45. The cost of the merchandise sold is P25.000. Dorman Co, issued a credit memo for P4.000 for merchandise returned that ...

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