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On September 14, 2022, Cullumber Company sells merchandise valued at $43900 on account to Pacifica Inc. with terms 4/10,n/30. Both Cullumber and Pacifica use the
On September 14, 2022, Cullumber Company sells merchandise valued at $43900 on account to Pacifica Inc. with terms 4/10,n/30. Both Cullumber and Pacifica use the periodic inventory system. Pacifica remits payment to Sampson on September 23. Cullumber's entry on that date is: Cash 42144 Sales Discounts 1756 Accounts Payable 43900 Cash 42144 Sales Discounts 1756 Accounts Payable 43900 Accounts Receivable 43900 Cash 42544 Purchase Discounts 1356 Cash 42144 Sales Discounts 1756 Accounts Receivable 43900
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