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On April 11, 2022, Jackson Company sold $100,000 of inventory on credit with terms of 2/10, n/30. Jackson uses the gross method to record sales.
- On April 11, 2022, Jackson Company sold $100,000 of inventory on credit with terms of 2/10, n/30. Jackson uses the gross method to record sales.
Prepare journal entries to record the sale and cash collection, assuming Jackson receives the cash within the discount period.
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