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Requirements 1. Prepare the journal entries for Redstone Company for the sale of the merchandise, the cost of the sale, and the related receipt of

Requirements 1. Prepare the journal entries for Redstone Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Nance Corporation. Assume that Nance Corporation takes the discount if payment is within the discount period. 2. Indicate which company (Redstone or Nance) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 c. April 10 (Assume that Redstone Company uses the gross method of recording sales discounts.) Print Done

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