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On January 2, 2020, x sold inventory for $1,000,000 on credit with terms of 2/10, n/30. The cost of the inventory sold was $700,000. x
- On January 2, 2020, x sold inventory for $1,000,000 on credit with terms of 2/10, n/30. The cost of the inventory sold was $700,000. x uses the gross method to account for sales discounts.
- On January 8, 2020, x received a payment from the customer that fully satisfied the sales agreement from January 2.
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Accounting and Auditing Research Tools and Strategies
Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana
9th edition
1119441915, 1119441919, 978-1-119-3737, 9781119373629 , 978-1119441915
