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On May 1, ABAC Farms sold merchandise in the amount of $5,800 to Alexander, with credit terms of 2/10, n/30. The cost of the
On May 1, ABAC Farms sold merchandise in the amount of $5,800 to Alexander, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. ABAC uses the perpetual inventory system and the gross method. The journal entry or entries that ABAC will make on May 1 is (are):
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
