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Sales Discounts Token Gordon's Grocers purchases bread from Buddy's Bread Company at $1.65 per loat, Gordon's recently engaged in a customer service contract with Buddy's
Sales Discounts Token Gordon's Grocers purchases bread from Buddy's Bread Company at $1.65 per loat, Gordon's recently engaged in a customer service contract with Buddy's to purchase 113,000 lowwes of Buddy's bread, Buddy offered credit to Gordon's at terms of 1/15, n/30. Buddy expects Gordon to pay within the discount period. Requiredt If an amount box does not require an entry, leave it blank: Prepare the fournal entry to record the sale using the net method. Hint: In calculating your answer, use cne minus the discount rate (eg.10.02=98) Finettacta * Chedi ir wion For customers expected to take the discount, sales revenue should be recoeded at the net amount, For custemers expected to fail to oay in the disesurt eeriad, sales revenue should be recorded at the gress amount. Then, prepare the joumal entry assuming the payment is made within 10 days (wehin the discount period)
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