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Posted on Jun 09, 2024

On June 15 th , a company sells $1mm of clothing that cost them $600k to a major clothing store with 30 day terms. How

On June 15^th, a company sells $1mm of clothing that cost them $600k to a major clothing store with 30 day terms. How does this affect the company's balance sheet and income statement on June 30^th?

What happens to the company's balance sheet and income statement in July after the major clothing store pays them the $1mm?

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