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Forever Jewelers uses the gross method and a perpetual inventory system. On April 2, Forever sold merchandise with a cost of $1,700 for $5,600 to
Forever Jewelers uses the gross method and a perpetual inventory system. On April 2, Forever sold merchandise with a cost of $1,700 for $5,600 to a customer on account with terms of 2/15, n/30. Which of the following would be included in the journal entry to record the cash receipt on April 10?
A) Credit to Cash for $5,488
B) Credit to Sales Discounts for $112
C) Debit to Cash for $5,600
D) Debit to Sales Discounts for $112
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