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Exactly 10 days after MerchCo sold 50 wrenches for $30 each on account 2/10 n30, the customer pays MerchCo (assume on this question that the
Exactly 10 days after MerchCo sold 50 wrenches for $30 each on account 2/10 n30, the customer pays MerchCo (assume on this question that the customer never returned any wrenches to MerchCo before today's payment) debit cash $1470, debit Sales Discounts $30, credit AR $1500 debit AR $1470. credit cash $1470 debit AR $1500, credit cash $1500 debit cash $1500, credit Inventory $30, credit AR $1470 debit AP $1470, debit Sales Discounts $30, credit cash $1500
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