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On May 1, Stacie, Inc. sold goods for $76,000, terms of 3/10, n/30. Required: Prepare journal entries for the following: a. The sale on May
On May 1, Stacie, Inc. sold goods for $76,000, terms of 3/10, n/30. Required: Prepare journal entries for the following:
| a. | The sale on May 1, assuming the gross price method is used. |
| b. | The sale on May 1, assuming the net price method is used. |
| c. | Receipt of the payment, assuming collection is made on May 31 and the net price method is used. |
| d. | Receipt of the payment, assuming collection is made on May 9 and the gross price is used. |
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