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On April 2, Kelvin sold $37000 of inventory items on credit with the terms 1/10, net 30. Payment on $22200 sales was received on April

On April 2, Kelvin sold $37000 of inventory items on credit with the terms 1/10, net 30. Payment on $22200 sales was received on April 8 and the remaining payment on $14800 sales was received on April 27. Assuming Kelvin uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a: debit to Accounts Receivable and credit to Sales Revenue for $37000. debit to Cash for $14800 and credit to Sales Discounts Forfeited for $148. debit to Cash and credit to Sales Discounts Forfeited for $370. debit to Cash and credit to Accounts Receivable for $14652image text in transcribed

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