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Jade Corp sells $30,000 of inventory for $90,000 on account and records a credit to Sales Revenue for $60,000. That credit: A. Appropriately reflects total
Jade Corp sells $30,000 of inventory for $90,000 on account and records a credit to Sales Revenue for $60,000. That credit: A. Appropriately reflects total sales revenue in the financial statements. B. Results in sales revenue being understated. C. Appropriately reflects total profits in revenue. D. Results in net income being overstated. On November 10, Jade Co. pays in full for $50600 worth of inventory purchased on account on November 1, terms 3/10, n/30. What amount should Jade Co. credit to its Inventory account on November 10? $ (Note: Round answer to the nearest whole number; enter 'O' if the Sales Discount account should be credited instead of Inventory; do not use commas, periods, etc.)
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