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On June 1, Resin Co. made a $50,000 sale to a customer with terms 3/15, n/45. On June 12, Resin received full payment for the

On June 1, Resin Co. made a $50,000 sale to a customer with terms 3/15, n/45. On June 12, Resin received full payment for the June 1 sale.

Required - Deliverable

(1) Prepare the required journal entries for Resin to record the June 1 sale and the June 12 payment if Resin assumes that the customer is unlikely to take the sales discount.

(2) Prepare the required journal entries for Resin to record the June 1 sale and the June 12 payment if Resin assumes that the customer will take the sales discount.

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