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On June 16, Collins Corporation sold $8.700 on account to Travis Sales Inc., with credit terms 2/10, n/30. Travis returned $1, 500 of the goods

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On June 16, Collins Corporation sold $8.700 on account to Travis Sales Inc., with credit terms 2/10, n/30. Travis returned $1, 500 of the goods on June 20, and paid the balance due on June 26. Collins' journal entry to record the receipt of cash from Travis will include: credit to Cash, $7, 056 debit to Sales Discount, $144 credit to Accounts Receivable, $8, 700 debit to Sales Returns and Allowances, $1, 500 both B and C

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