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In the current accounting period, sales (calculated on an accrual basis) are $180 000 and the cash received from sales is $215 000, therefore: cash
In the current accounting period, sales (calculated on an accrual basis) are $180 000 and the cash received from sales is $215 000, therefore:
cash sales for the period were greater than credit sales.
credit sales that occurred in a previous period may have been paid for in the current period.
credit sales that occurred in the current period may not yet have been paid for.
none of the options are correct.
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