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On 9/23/19, Michael Scott Paper Company sells and delivers goods to a customer on account for $21,000 and records the appropriate journal entry (using the
On 9/23/19, Michael Scott Paper Company sells and delivers goods to a customer on account for $21,000 and records the appropriate journal entry (using the gross sales assumption as emphasized in class). The terms of the sale are 2/15, n/45. On 9/28/19, Michael Scott receives the appropriate cash amount for the goods. Which of the following will be part of the journal entry Michael Scott records on 9/28/19 (the date of the cash receipt)? O Debit: AVR 0 Credit: Cash a O Debit: Revenue O Credit: Revenue O Debit: Sales Discounts O Credit: Sales Discounts
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