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On 7/1/20, ABC sold $1000,000 of inventory items on credit with the terms 2/10, net 30. Payment on $100,000 sales was received on 7/9/20 and
On 7/1/20, ABC sold $1000,000 of inventory items on credit with the terms 2/10, net 30. Payment on $100,000 sales was received on 7/9/20 and the remaining payment was received on 7/14/20. Assuming ABC uses the net method of accounting for sales discounts, what journal entry would be made on August 14 to record the cash received?
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