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On July 22 , Peter sold $32,500 of inventory items on credit with the terms 2/15, net 30 . Payment on $15,000 of sales was

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On July 22 , Peter sold $32,500 of inventory items on credit with the terms 2/15, net 30 . Payment on $15,000 of sales was received on August 1. On August 9th, the customer returned $500 of defective inventory to Peter. The remaining payment was received on August 12. Assume Peter uses the net method of accounting for sales on account. Instructions: Prepare the journal entries on August 1 and August 12 to record receipt of payments on those two dates. Include the date for each journal entry. Round calculations to whole dollars (no decimals). Show your calculations and label the numbers (with words)

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