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Walmart sold merchandise for $75,000 on credit. The cost of goods sold was $50,000. The customer pays the invoice within the discount period and receives

Walmart sold merchandise for $75,000 on credit. The cost of goods sold was $50,000. The customer pays the invoice within the discount period and receives a 4% discount. Calculate the amount received from the customer and the journal entry to record the transaction.

Requirements:

  • Calculate the amount received from the customer after applying the discount.
  • Provide the journal entry to record the sale and subsequent receipt.

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