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What are the journal entries for both the gross and net method at the time of purchase of $5,000 under the terms 2/10, n/30, the
What are the journal entries for both the gross and net method at the time of purchase of $5,000 under the terms 2/10, n/30, the journal entry when $3,000 is paid within the discount period and $2,000 paid after the discount period. (While you do these journal entries mentally note the similarities and the difference between the A/R and the A/P side of the entries.)
Gross Method Net Method
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