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Illustration: On July 1 , Butler Shipping purchases a delivery truck costing 1 4 , 0 0 0 . It pays 8 , 0 0

Illustration: On July

1,

Butler Shipping purchases a delivery truck costing

14, 000 .

It pays

8, 000

cash now and agrees to pay the remaining

6, 000

on account

(

to be paid later

) .

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