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Sales of $1000 are made by Acme Ltd. to Deuce Lid with sales terms of 2/0 net 30 and all the goods are returned by
Sales of $1000 are made by Acme Ltd. to Deuce Lid with sales terms of 2/0 net 30 and all the goods are returned by the customer within the discount period. Acme follows the "gross method of recording sales and Deuce follows the net method of recording Purchases. Acme agrees to the return. Which of the following statements is correct? Multiple Choice Deuce Wildebita contra account and reduce its payable The two journal entries by Acme and Deuce will be for different amounts. The two journal entries for Acme and Deuce will be for idential amounts Acme will create a contraccount and reduce its receive None of the other statements correct
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