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Waterway Company sells merchandise on account for $2340 to Bramble Company. Bramble Company returns $800 (cost $550) of merchandise that was damaged, along with a

Waterway Company sells merchandise on account for $2340 to Bramble Company. Bramble Company returns $800 (cost $550) of merchandise that was damaged, along with a cheque to settle the account. What entry does Waterway Company make upon receipt of the cheque? The damaged inventory is sent to recycling. Assume that Waterway Company uses the earnings approach.

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Waterway Company sells merchandise on account for $2340 to Bramble Company. Bramble Company returns $800 (cost $550 ) of merchandise that was damaged, along with a cheque to settle the account. What entry does Waterway Company make upon receipt of the cheque? The damaged inventory is sent to recycling. Assume that Waterway Company uses the earnings approach

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