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On October 1, 2017 Caramel Company enters into a contract to transfer a product to Choco Company on November 30, 2017. It is agreed that

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On October 1, 2017 Caramel Company enters into a contract to transfer a product to Choco Company on November 30, 2017. It is agreed that Choco will pay the full price of $36,000 in advance on October 15, 2017. Choco pays on October 15, 2017, and Caramel delivers the product on November 30, 2017. Prepare the Journal entries required for Caramel in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit

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