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On 5/1, Ellis Co. sells merchandise to Thomas Co, for $1,200 cash. Ellis typically gives customers credit terms of 2/10,n/30. The cost of the merchandise

On 5/1, Ellis Co. sells merchandise to Thomas Co, for $1,200 cash. Ellis typically gives customers credit terms of 2/10,n/30. The cost of the merchandise was $700. What entry does Ellis make to record the sale

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