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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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